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 <strong>2018</strong>
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