MANAMA: National Bank of Bahrain (NBB) announced it has successfully executed the first electronic wallet transaction in the country using BenefitPay.
Launched earlier this month, BenefitPay is a mobile application that allows consumers to make or receive payments without the use of cash or credit and debit cards.
It uses QR code technology to facilitate payments.
BenefitPay has been developed by Benefit, which handles the country’s electronic fund transfers and ATM transactions, in partnership with Lebanese fintech firm FOO.
In the live implementation, the BenefitPay App was downloaded onto a smartphone and a user’s information including debit cards details were added.
The QR code was then scanned using the same smartphone and electronic payment was enabled successfully in a secure and easy manner.
The implementation also involved one of NBB’s merchants.