Manama, Kingdom of Bahrain: Arab Financial Services (AFS), the MEA region’s foremost payment solutions provider and FinTech enabler, and Batelco, Bahrain’s leading digital solutions provider, have announced an increase in the bwallet maximum balance limit from BHD200 to BHD1,000 and an increase in the bwallet maximum transaction limit from BHD200 to BHD500. The new, increased limits allow bwallet users to now conduct both small and large value transactions, purchasing a larger variety of items including household goods and electronics.
bwallet, the Kingdom of Bahrain’s leading digital mobile wallet and the first of its kind to provide peer-to-peer money transfer, was launched earlier this year by AFS in partnership with Batelco. It has since been rolled out across thousands of leading retail businesses, cinemas, hotels, F&B and entertainment outlets throughout the Kingdom and is being utilised daily by an ever-growing customer base. bwallet users can simply scan a QR code for seamless transactions and enjoy quick, secure and easy cashless payments with exclusive benefits through their mobile phones.
Mr. B Chandrasekhar, Chief Executive Officer of AFS said: “In 2018, since bwallet’s launch, we’ve seen it become a highly popular way to pay for small transactions. In fact, it is fast becoming many users’ “go to” payment option. With the increased balance and transaction limits that we have now rolled out, we are giving bwallet users the chance to expand the types of purchases they make, giving them the freedom to use this popular payment method for larger transactions. We are delighted to see that bwallet usage is the norm for an increasing number of consumers who have embraced this innovative payment method. Paying with bwallet is not only quicker, but it is easier, safer and more secure and, ultimately, supports the Kingdom of Bahrain’s growing digital economy and the move to a cashless digital society.”
Batelco Chief Marketing Officer Abderrahmane Mounir said that Batelco is delighted with the ongoing evolution of bwallet and very pleased to witness both the growth in retail outlets offering the service and subscribers using the service in place of more traditional payment methods. “The increased balance and transaction limits makes bwallet more attractive to a wider audience allowing them greater scope for their shopping trips.”
AFS serves over 75 clients across the financial sector in more than 21 countries. It is owned by 39 banks and financial institutions and regulated by the Central Bank of Bahrain. The company offers innovative and end-to-end payment services and solutions that span card processing, merchant acquiring, FinTech and a state-of-the-art value-added services suite. AFS has offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified. Recipient of several global awards, AFS has most recently been recognized as of ‘The Most Innovative FinTech Solution Provider 2018’ at the GCC Enterprise Awards 2018 and ‘Best Payment Service Provider – Bahrain 2017’ by Global Banking and Finance Review.
Further information about bwallet and its offers and exclusive cashback promotions can be found by visiting Batelco.com. Download the free bwallet mobile app at GooglePlay or Apple’s App Store.
About AFS:
Established in 1984, Arab Financial Services (AFS) is the MEA region’s leading payment solutions provider and FinTech enabler.
The company offers innovative and end-to-end payment services and solutions that span card processing, merchant acquiring, FinTech and a state-of-the-art value-added services suite.
Focused on introducing innovative payment products and cutting edge FinTech solutions that support governments on their trajectory towards a digital economy, AFS can empower businesses by exploring and investing in superior technologies that help shape the future of financial experiences and how they are conducted: anytime, anywhere and anyhow.
In 2018, AFS introduced bwallet to the region - the first mobile wallet facilitating peer-to-peer and cashless transactions. Today, bwallet has established itself as the market leader with a significant user and merchant footprint across the Kingdom of Bahrain. EasyPay was another first from AFS - Bahrain’s first NFC payment service allowing payments with a tap of the mobile. Other innovations rolled out by AFS have been electronic KYC, Peer-to-Peer (P2P), Peer-to-Merchant (P2M), QR enabled payments, Tokenization, Remittance, WPS and Digital Banking solutions. 2018 also saw AFS launch merchant acquiring services to banks in both Bahrain and the Sultanate of Oman including end-to-end platform, settlement, eCommerce and integrated POS devices supporting contactless cards, NFC, QR and other forms of payment acceptance.
Serving over 75 clients across the financial sector in more than 21 countries, AFS is owned by 39 banks and financial institutions and regulated by the Central Bank of Bahrain.
AFS has offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified.
Recipient of several global awards, AFS has most recently been recognized as of ‘The Most Innovative FinTech Solution Provider 2018’ at the GCC Enterprise Awards 2018 and ‘Best Payment Service Provider – Bahrain 2017’ by Global Banking and Finance Review.
For further information visit www.afs.com.bh
Media enquiries about AFS and its subsidiary companies can be directed to:
Name: Azza Mubarak Matar
Title: Head of Corporate Communication
Email: pr@afs.com.bh
Telephone: +973 1729 9711 / 3840 7611
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