Manama: From mobile payments to the adoption of blockchain Gift cards, payment technology has had a great decade in Bahrain. SADAD Bahrain becomes the first company in the Middle East region to launch Gift Vouchers on Blockchain. A distributed ledger technology is used to issue, transact and share Gift vouchers within SADAD’s private Blockchain network. Customers can securely purchase the Gift Vouchers via SADAD Mobile application and use it for all SADAD service. Furthermore, this ambitious project includes not only SADAD Mobile app, it will also cover the SADAD self-service payment kiosks network.
Using this revolutionary technology, customers can purchase Gift Vouchers via both SADAD Mobile app and SADAD payment kiosk and then share it with their family and friends. This innovation is believed to bring a dynamic versatility towards the un-banked or under-banked consumers of the Kingdom. This development has positively impacted each step of the transaction pipeline: faster processing and settlement times, lower transaction costs, and perhaps most importantly, less fraud.
Blockchain along with Distributed Ledger Technology is recognized worldwide as a standard for recording electronic financial transactions to ensure security and trust. All recorded data is securely signed by standard cryptography algorithms and distributed over different servers.
Commenting on this occasion, Danial Jawaid Director if IT in SADAD Bahrain said: “Since its establishment, SADAD has always been keen on providing end-users with an easy and user-friendly platform with the ultimate convenience. The new introduced Gift Vouchers are the first in the Kingdom, which supports SADAD’s strategy to drive a cashless society in line with Bahrain’s National Vision 2030. A use of Distributed Ledger Technology has allowed us to ensure that all transactions made on SADAD’s private network are robust and secure. Perhaps most importantly, SADAD leverages blockchain to link each gift card with a user account — this logs ownership, secures against theft or unwanted transfers, and serves as a guard” he added further.
In alignment with the national strategy of cashless society and digitization strategy of SADAD, it is believed to be a major milestone to ensure a great consumer experience by adopting blockchain technology in the payment industry means that customers and businesses can finally have a peace of mind when it comes to security. This will ultimately align Bahrain with the global move of a comprehensive blockchain landscaping.
SADAD is the first and the only Company in the Kingdom of Bahrain that offers this service, ensuring comfort and security to its customers.
About SADAD:
SADAD is a leading FinTech company in Bahrain providing a comprehensive digital payment platform & implementing a variety of innovative products to make payments easier & convenient. Established in 2011, SADAD Electronic Payment System BSC is licensed and regulated as an Ancillary Payment Service Provider by the Central Bank of Bahrain. SADADbecame known as the one stop payment channel, offering customers an easy and user-friendly interface fully integrated with top entities across the Kingdom of Bahrain, providing customers convenient payment methods. The company was recently bestowed with the Payment Card Industry Data Security Standards (PCI-DSS) certification in recognition of its strict adherence to guidelines that safeguard consumers’ payment transactions through added reliability and security measures.
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