BFC Payments B.S.C. (C), the Fintech arm of BFC Group Holdings, is all set to expand its digital payment solutions portfolio with the launch of the BFC Pay Cards.
The fintech has partnered with Visa and Benefit to launch two unique card products designed to meet the evolving needs of banked and underbanked individuals, supported by a feature-rich mobile app and contactless payment technology.
The first variant, BFC Pay Salary Card, is developed for the Kingdom’s unbanked customers, providing financial services to meet their daily financial needs. BFC Payments caters to this segment through the Wages Protection System (WPS) compliant salary services, and the Salary Card will empower them with an additional touch point. The second variant, BFC Pay VISA Prepaid Card, addresses the growing needs and increasing demands for cashless spending. These products enable BFC Pay cardholders to shop online or offline at various merchant and ATMs in Bahrain. BFC Pay Cards will play a crucial role in fuelling digital transactions and contributing to the country’s vision of a cashless economy.
Commenting on the launch, Davis Parakal, General Manager, BFC Payments, said, “It is an exciting phase for BFC Payments. Adding cards to our portfolio allows us to achieve Bahrain’s financial inclusion goals. With the physical and digital approach, the BFC Pay mobile app will be the central touchpoint for customers while bringing physical elements like the BFC Pay Cards.”
With the launch cards, the BFC Pay Wallet offering will provide a unique proposition where customers can easily access their salary through the BFC Pay mobile app, BFC Pay Card and an extensive network of BFC branches. In addition, the flagship product BFC Pay mobile app, launched in November 2021, offers international money transfers along with mobile recharges, utility bill and school fees payment, gaming vouchers and lots more.
Ebrahim Nonoo, Managing Director & CEO, BFC Group Holdings, said, “Our vision is to serve our customers with market-leading digital products and cutting-edge solutions that deliver great customer experiences. The BFC Pay Card is just the first step towards achieving our goals and we have many more exciting products in the pipeline.”