The Central Bank of Bahrain will launch the kingdom’s first electronic wallet by the end of June, “an important step in enhancing the financial sector by providing innovative payment solutions aimed at both public and private sectors,” says Salman bin Isa Al Khalifa, executive director of banking operations at the CBB.
The e-wallet was developed in close collaboration with the Bahrain Electronic Funds Transfer System and FOO, a Lebanon based fintech start-up that has already tailored mobile applications for companies such as Pepsi, Shell, Byblos Bank and Zain Telecommunications.
“This initiative comes as part of Bahrain’s leading position in providing innovative payment services,” the agency said in a press release.
With this new technology, customers will be able to not only manage simple transactions like paying bills or transferring funds with their mobile phones but also to use them for online or in-store purchases.
During the first phase of the launch, the customers who connect their payment instruments to the application will only be able to use it for purchases, but by December all the features will be available.