Bahrain Islamic Bank launches cashless payment for students

Prepaid card is NFC enabled, and can be used to make purchases in stores as well as online

  

Manama: Bahrain Islamic Bank (BisB) has signed an agreement with Al Naseem International School to launch its innovative payment solution, Future Leaders, which allows students to carry out transactions and manage their finances.

The cashless payment service designed for youth, allows parents to track and manage their children’s transactions through the provision of a prepaid card, and wearable wristband, which can be managed through the BisB digital application and website, the bank said in a statement.

The prepaid card is NFC enabled, and can be used to make purchases in stores as well as online. It comes with an optional wristband where payments can be made on the go without even using the card, whereby parents will swiftly get a notification through SMS for each payment process.

BisB retail banking chief Dalal Al Qais said, “We are pleased to announce the signing of this memorandum of understanding with Al Naseem International School, as the first educational institute to implement Future Leaders as the main payment solution for students.

“This comes in line with our commitment to support parents in their endeavour to educate their children on financial independence, putting them on the path to financial acumen, and ultimately developing their saving skills.”

Al Naseem International School president and executive director Sameera Al Kooheji said, “This partnership with BisB is a step forward in our ongoing mission to put ‘students first’. This agreement supports our mission to lead the way in the educational sector, through the introduction of innovative technology to pupils.

“By introducing Future Leaders within the school, our students will be able to learn financial independence in a safe environment, with the added benefit of contactless transactions, benefiting their health and safety.”

The bank’s partnership with Al Naseem International School comes in line with its strategy to simplify daily financial transactions of its customers, and contribute to the kingdom’s 2030 Economic Vision.

© Copyright 2020 www.gdnonline.com

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services