BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced the signing of a linkage Agreement with NPCI International Payments Limited (NIPL) – India, to enable seamless integration between Bahrain’s Electronic Fund Transfer System (EFTS), specifically Fawri+ service, and India’s Unified Payments Interface (UPI).

The initiative is being carried out under the supervision of the Central Bank of Bahrain (CBB) and Reserve Bank of India (RBI), marking a significant step towards advancing cross-border payment connectivity between the two nations. UPI facilitates nearly 20 billion transactions every month, amounting to over $280 billion in value. With a user base of 500 million and commanding approximately 84% of India’s retail digital payment market, UPI has emerged as a global benchmark in digital payments.

This landmark collaboration represents a strategic step towards strengthening Bahrain’s position as a regional financial hub and a leader in digital transformation and electronic payments. It reaffirms the Kingdom’s commitment to adopting state-of-the-art financial infrastructure innovations and marks a pivotal milestone in the ongoing expansion of Bahrain’s Fawri+ service into international networks and systems. Furthermore, the agreement opens new horizons for users in both countries to perform cross-border real-time transfers, securely, and seamlessly.

The partnership is the result of joint efforts between the Central Bank of Bahrain and BENEFIT, reflecting a shared vision to expand on the use cases of instant payments, fostering cross-border payments, and facilitating digital banking services for individuals and businesses alike.

On this occasion, Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, stated: “The signing of the linkage agreement with India’s NPCI International represents an important strategic milestone in strengthening Bahrain’s presence in the global digital financial landscape. The partnership underscores our commitment to delivering advanced digital payment services that contribute to supporting the national economy and expanding economic relations between Bahrain and India. The new service will enable citizens and residents in both countries to send and receive money instantly and securely, reflecting our continuous efforts to meet the growing demand for fast, reliable, and cross-border financial solutions.”

Mr. AlJanahi further added: "BENEFIT continues to pursue its strategic vision of expanding its real-time payment network globally in line with the directives of the Central Bank of Bahrain and the Kingdom’s ambitious national strategies. These initiatives aim to strengthen the digital economy while facilitating international trade and investment. We look forward to fostering more similar partnerships and collaborations, which will enhance the reach of Bahrain’s payment ecosystem and ensure seamless integration with global markets.”

Ritesh Shukla, MD & CEO, NPCI International Payments Limited (NIPL) , said, “We are delighted to partner with BENEFIT to enable secure, real-time remittances between India and Bahrain. We believe this collaboration will deepen financial connectivity, pave the way for further cross-border payment innovations, and contribute to promoting financial inclusion and shared economic growth that benefits individuals and businesses alike. The initiative will also serve the large Indian diaspora in Bahrain, making money transfers faster, safer, and more convenient.”

About NPCI International: 

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI) and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure. 

For more information visit, nipl.com 

About BENEFIT

BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the Region.

BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet (BenefitPay) and national eKYC Platform for the financial sectors, Bahrain Electronic Cheque, Wages Protection System, and Trust Services for digital signatures.

For more information,
Aisha Buhiji
Administrator, PR Corporate Communication
ayshab@benefit.bh www.benefit.bh
The Benefit Company B.S.C (C) P.O Box 2546, Seef District, Kingdom of Bahrain