According to a recent announcement by Trade Arabia, cross-border payments in Bahrain get a new life as Bahrain Electronic Network for Financial Transactions (Benefit) takes a giant leap into the digital future by collaborating with Mastercard.
The technologically adept country of Bahrain has always welcomed emerging technologies with open arms. The island country is in the course of building a sustainable and attractive economy to cultivate modernization. The multi-ethnic destination is as much known for its booming technology sector as its breathtaking beaches and pearls.
Partnership that opens doors to a digital future
Benefit is the only payments platform in the Kingdom of Bahrain that permits its consumers to transact without using cards or cash. The experimental blockchain program, in partnership with Mastercard, will bring in more stability to international payments through increased security and anonymity.
The association has been viewed as Bahrain’s historic move towards the smart economy and exploring other economic opportunities extended by blockchain. Together, they will breathe new life into international B2B payments. Businesses will not only release super-fast payments to their beneficiaries but also capacitate banks to share payment information beforehand, without having to rely on middlemen.
Although blockchain will also enable banks to gain insights into consumer buying patterns, rest assured that the financial or private data of users will not be compromised.
Another feather in the cap for Mastercard
Meanwhile, Mastercard has made rapid strides towards blockchain since 2017, with ownership of several blockchain-related patents such as identity authentication patent, private transactions and linking cryptocurrencies with fiat accounts.
From transforming conventional transaction methods into multi-faceted payments solutions to declaring a grand-scale investment in Facebook’s Libra, Mastercard has successfully established itself as a pro-blockchain financial corporation.
As for Benefit CEO, Abdulwahed Al-Janahi, the expansive project agenda aligns itself with the country’s vision to become a global leader in financial technology.