BIZ BAHRAIN JAN-FEB 2018

Banking & Finance
CrediMax and
Mastercard launch
Masterpass in Bahrain
Yousif Ali Mirza
Chief Executive, CrediMax
CrediMax and Mastercard recently
launched the Masterpass service in
Bahrain for the first time by integrating
The BENEFIT
Company acquires SINNAD
The BENEFIT Company continues
to further support the growth and
development of Sinnad Company by
acquiring all the remaining shares of
the company to be fully owned by The
BENEFIT Company, in addition The
BENEFIT Company will enable Sinnad
Company to invest in a state of the art
systems and technologies in the kingdom
of Bahrain including FinTech and
digitalization.
Sinnad is a Bahraini company
established in 2009 to provide both
financial and non-financial organizations
with the advanced card payment
solutions. Sinnad Company serves both
BBK card-less cash
withdrawals
BBK, Card-less cash allows BBK clients
to withdraw cash from any BBK ATM
without using a debit card in a secure and
safe manner.
The ATMs are now equipped with a
‘Cardless Withdrawal’ option which when
the user selects, is prompted to enter
a Personal Identification number, after
which, the client is sent a temporary PIN
on his registered mobile phone in order to
perform cash withdrawal from any BBK
ATM. Thus, allowing the client to have
easy, safe and convenient 24/7 access to
the service in the CrediMax Digital Wallet
- MaxWallet. Masterpass is a digital
payment service from Mastercard that
enables consumers to make fast, simple
and secure digital payments - across
devices and channels - anywhere you
want to shop: online, in-app and in-store.
From everyday purchases to memorable
experiences, Masterpass makes shopping
easier than ever, leveraging the most
advanced methods of payment security
available today.
“The dual functionality of Masterpass
and Masterpass QR in our MaxWallet
service will enable our users to take
advantage of a seamless payment
experience, regardless of whether
they are paying online, in-store or
in-app - indicating the onset of a new
era of digital payments in Bahrain.
Abdulwahed Aljanahi
CEO, The BENEFIT Company
Visa and MasterCard card schemes and
has an extensive footprint in the Middle
East and Africa (MEA) and has four
key business lines including bank card
processing, merchant processing, retailers’
loyalty programs, and ATM services.
Sinnad objectives are to respond
their cash instantaneously when they
need it most, especially for those times
when they may have forgotten to carry
their Debit cards.
The launch of the new client service
is the latest in a long list of value-added
services that BBK has recently rolled
out in its continued effort to enhance
the client’s banking experience. These
include pioneering the kingdom’s first
‘ITM’, Interactive Teller Machine, in the
Isa Town Financial Mall. The video-based
interactive technology allows clients
to conduct transactions and banking
services using real time two-way video/
audio interaction with benefits such as
CrediMax MaxWallet is accepted in
many merchants and offers wide range
of payment solutions in particular
payment by QR which is fast, simple and
a pleasant method of payment comparing
to other traditional payment methods,”
said Mr. Yousif Ali Mirza CrediMax Chief
Executive
With the integration of Masterpass,
MaxWallet by CrediMax becomes the first
wallet in Bahrain to offer a fast, secure
and convenient way to pay in seconds at
any location globally where Masterpass is
accepted. The integration of Masterpass
enhances the existing functionality of
MaxWallet, which already allows users
to pay in-store using Masterpass QR
technology. Using Masterpass, users can
now also use the digital wallet to make
online purchases.
rapidly to the growing demand for globally
proven third party card processing
practices and solutions, as well as to
accelerate the development of the cards
industry across the markets. Sinnad
market covers the Kingdom of Bahrain,
GCC, Middle East and Africa.
Abdulwahed Aljanahi, CEO of The
BENEFIT Company and Sinnad Board
Director said, “The full acquisition of
Sinnad Company adds great value to The
BENEFIT Company through creating a
full range of Cards services outsourcing
services in a fully independent
infrastructure. Full acquisition of Sinnad
Company will enable us to effectively
serve the banks across the MEA. Sinnad
Company direction is to provide a full
fledged outsourcing business to financial
and non-financial organizations.”
BBK cheque deposit and cashing, allowing
cash withdrawals greater than BD 700
and conducting transactions that would
normally require a visit to the bank teller.
The Bank also launched the ‘BBK Queue
App’, a mobile phone application that
allows BBK Retail Banking clients to avoid
the queues in bank branches.
58 January-February 2018