Manama, Kingdom of Bahrain:Arab Financial Services (AFS), the MEA region’s leading payment solutions provider and fintech enabler, has signed an agreement with Bahrain International Circuit (BIC), “The Home of Motorsport in the Middle East”, to become an official POS (point-of-sale) acquirer in advance of the upcoming Formula One Gulf Air Bahrain Grand Prix 2020 in March. The three-year agreement will see AFS embed its state-of-the-art POS acquiring solution across all retail outlets at BIC effective immediately.
As the first Android-based, integrated POS terminals in Bahrain, AFS’ world class payment acceptance solutions support international and domestic payment schemes and fintech payment options such as contactless cards, NFC, QR, biometric, Apple Pay, Samsung Pay and mobile wallets (including AFS’ mobile payments solution bwallet). Additionally, their many value-added benefits include real-time dynamic currency conversion, which will provide international visitors to BIC’s varied motorsport events, with the facility to pay in their home currency while enjoying clear and transparent currency exchange rates.
Commenting on this partnership, AFS Chairman and Bank ABC Deputy Group Chief Executive Officer, Mr. Sael Al Waary said: “This agreement with a landmark institution such as Bahrain International Circuit is key to our endeavor to support the Kingdom of Bahrain’s push towards acceptance of all new payment methods. AFS’ market-leading POS technology will enhance the experience for all Bahrainis and international BIC visitors, giving them a more convenient payments solution with a range of benefits and value-added services. I thank BIC Chief Executive Shaikh Salman bin Isa Al Khalifa and the BIC management team for enabling this agreement and embracing our state-of-the-art technology solutions.”
AFS’ smart Android POS terminals are innovative all-in-one payment solutions that come with a host of value-added benefits such as acceptance of all major card schemes, multi-lane integration for hypermarkets, dynamic currency conversion, loyalty programs, easy payment plans, analytics, bill payment and merchant lending.
With over 30 years’ experience, AFS serves over 75 clients across the financial sector in more than 20 countries. Its end-to-end payment services and solutions span card processing, merchant acquiring, fintech and a state-of-the-art value-added services suite. AFS’ products and solutions within the fintech space include bwallet, Bahrain’s leading mobile wallet; eFloos, the first-of-its-kind digital mobile wallet in the Sultanate of Oman and Al Rateb, Bahrain’s first digital payroll solution. In addition, AFS’ value-added services suite includes contact center solutions that offer multilingual 24/7 service with state-of-the-art e-ticketing technology and an outbound telemarketing set-up covering customers across the globe. AFS is owned by 37 banks and financial institutions and regulated by the Central Bank of Bahrain. With offices and data centers in Bahrain, UAE and Oman, AFS 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 also been recognized as “Best Fintech Solutions Company 2019” and “The Most Innovative Fintech Solution Provider 2018” at the GCC Enterprise Awards in addition to “Best Electronic Payment Service Provider Bahrain 2019” and “Best Payment Service Provider – Bahrain 2017” by Global Banking and Finance Review.
Established in 1984, Arab Financial Services(AFS) is the MEA region’s leading payment solutions provider and fintech enabler.
The company offers ground-breaking 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.
AFS serves over 75 clients across the financial sector in more than 21 countries. A subsidiary of Bank ABC, it is owned by 37 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 “Best Fintech Solutions Company 2019” and “The Most Innovative Fintech Solution Provider 2018” at the GCC Enterprise Awards 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 Communications
Telephone: +973 1729 9711 / 3965 2012
© Press Release 2020