Mastercard & BENEFIT team to boost digital payments in Bahrain

By Delisha Fernandes

Mastercard has signed a memorandum of understanding (MoU) with The BENEFIT Company (BENEFIT), a Bahrain-based FinTech company, to drive payment innovation and financial inclusion in Bahrain.

Under the terms of the agreement, the two partners aim to co-create innovative digital payment solutions powered by advanced technology to address the rapidly evolving needs of consumers and businesses. The collaboration supports the efforts of the Central Bank of Bahrain (CBB) to accelerate the development of the country’s digital economy.

“At BENEFIT, we are proactively working to strengthen Bahrain’s position as a regional financial hub in line with the strategic objectives of The Economic Vision 2030. Our partnership with Mastercard will leverage our complementary capabilities and expertise to develop and launch seamless and secure financial offerings that make life easier, smarter, and more efficient,” said Abdulwahed AlJanahi, Chief Executive, BENEFIT.

BENEFIT is a leader in electronic payments, fund transfer, business process outsourcing services and support. The company’s mission is to provide innovative business and lifestyle solutions that are essential in everyday life, inspire and energise individuals, institutions, and society to unleash new opportunities.

“Mastercard is committed to harnessing the power of public-private partnerships to advance digital transformation in the region. As one of the most dynamic and innovative countries in the Middle East, Bahrain is a key market for us, and forms a crucial part of our MENA growth strategy. We look forward to working with BENEFIT to empower its corporate and individual customers to realize their ambitions and unlock their full potential,” said Dimitrios Dosis, President, EEMEA, Mastercard.

In 2023, BENEFIT processed over 345 million electronic fund transfer transactions through BenefitPay, Bahrain’s national electronic wallet payment system, and its services Fawri, Fawri+ and Fawateer. This marks a significant 37% increase in transaction volume compared to the previous year, consolidating the company’s position as a driving force in the Kingdom’s digital financial landscape.