Backed by a recently secured Open Banking license from the Central Bank of Bahrain, the BEYON Money super app will host a digital wallet that enables payment services for its users, connects to bank accounts through Open Banking, delivers financial insights, and provides digital remittances.
BEYON Money will develop card issuing and processing functionalities through i2c’s banking and payments platform which will also integrate additional partners and services. It will also tap into Visa’s network infrastructure to launch a digital-first debit programme to the market with a physical card option available upon request.
Additionally, i2c has integrated with local switch, Benefit, connecting consumers to billers across Bahrain, allowing them to pay utilities, rent, mobile, and more via their smartphone. The app is backed by the Central Bank of Bahrain.
According to the World Bank’s Global Findex report, nearly one in five individuals in Bahrain are unbanked, while the nation enjoys a 131% mobile penetration rate. With this super app, Batelco is looking to leverage its position in mobile to accelerate financial inclusion across the nation, with plans to expand to more countries in the near future.
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