BFC Payments just launched two cards to make payments easier!
The two new BFC Pay Cards – namely BFC Pay Salary Card and BFC Pay VISA Prepaid Card – have just been launched for people who are unbanked (don’t have a bank account) as well as those looking to control their spending with a prepaid debit card.
BFC Payments, the Fintech arm of BFC Group Holdings, partnered with VISA and Benefit to help banked and underbanked individuals make contactless and online payments, supported by a feature-rich mobile app and contactless payment technology.
BFC Pay Salary Card
Especially developed for unbanked customers, the BFC Pay Salary Card will provide financial services through the Wages Protection System (WPS) compliant salary services. This means that unbanked employees can receive their salaries through this card, and withdraw the money themselves at any of the 50+ BFC Branch locations or directly send money back home, pay bills, and make P2P payments via the BFC Pay App. With today’s increasing demands for cashless spending, this will enable them to make online payments easily in today’s cashless society.
A prepaid debit card works just like a normal debit or credit card, except that it is not linked to a savings, checking, or credit account. They can be used in-person and online. This is great for those trying to budget, as well as those unbanked. It is reloadable, and since you can only spend the amount you load into the card, you won’t need to worry about any overdraft fees.
Adding cards to BFC Payments’ portfolio allows them to achieve Bahrain’s financial inclusion goals, General Manager Davis Parakal said. With the physical and digital approach, the BFC Pay mobile app will be the central touchpoint for customers while bringing physical elements like the BFC Pay Cards, he added.
With the launch of these cards, the BFC Pay Wallet offering will provide a unique proposition where customers can easily access their salary through the BFC Pay mobile app, BFC Pay Card and an extensive network of BFC branches. This is in addition to the offers they currently have on the BFC Pay mobile app, including international money transfers, mobile recharges, utility bill and school fees payment, gaming vouchers, and lots more.
The vision is to serve customers with market-leading digital products and cutting-edge solutions that deliver great customer experiences, Ebrahim Nonoo, Managing Director & CEO, BFC Group Holdings, said. The BFC Pay Card is just the first step towards achieving their goals and they have many more exciting products in the pipeline, he added.