MANAMA: Insurance organisations in Bahrain such as AXA Insurance, Medgulf Takaful, Bahrain National Insurance (BNI), Bahrain Kuwait Insurance Company (BKIC) and Takaful have gone cashless with TAM Dinar.
A product by Payment International Enterprise (PIE), TAM Dinar is currently being used by more than 30 entities, including the General Directorate of Traffic.
The way it works is that payment receipts issued from PIE kiosks can be used as a cash alternative for transactions at institutions adopting TAM Dinar, doing away with the hassle of managing cash.
PIE is then responsible for the collection of cash, reconciliation and settlements, thus alleviating all the cash burden on companies.
TAM Dinar allows insurance corporates to embed a seamless way of operating, which enhances their customers’ experiences in an age where individuals demand simplicity, easier access, and flexibility from their insurance providers.
The solution also allows corporates to optimise operations and adapt to changing consumer demands, said PIE.
It features a highly secure method of handling daily operations for compliance, making it easier to track irregularities.
In addition, TAM Dinar reduces the time required to wait when paid via cash or a banking instrument like cheque.
Fawaz Ghazal, chief executive of PIE, said for the insurance sector, going cashless is a business priority.
“Most organisations are very aware that choosing the cashless path should be at the heart of what they do, and the engine of the industry as a whole. These strategic partnerships pave the way for others and will lessen their dependence on cash. PIE has always been at the forefront transforming industries and working towards Vision 2030 to create a digital future for all,” he added.
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