BENEFIT has partnered with Ant International to launch cross-border QR payments between Bahrain’s BENEFIT scheme and Ant International’s Alipay+.
The alliance aims to support the transition towards a more inclusive digital payments ecosystem. Signing an MoU, the two companies will explore and develop cross-border payment solutions between the country and global regions, fostering financial integration.
Alipay+ in Bahrain
Through this partnership, Bahraini merchants now have the opportunity to accept cross-border QR payments from Alipay+ international payment partners. Currently, the solution connects 1.8 billion user accounts and 40 digital payment partners with 150 million merchants in 100 countries.
Alongside offering inbound cross-border payments, Ant International and BENEFIT will explore the introduction of outbound payment features through Alipay+ in the future. This will enable customers in Bahrain to use their preferred local methods internationally by leveraging the BENEFIT network, which connects all banks in the country. The companies will also focus on the development of a comprehensive international payments framework that supports developments and aligns with global fintech advancements.
BENEFIT believes that the alliance reflects its vision to expand its presence globally and reinforce the country’s position as a fintech hub, contributing to creating an infrastructure that bridges the gap between local and international markets while offering secure payment experiences. Part of the company’s broader goal to connect national payment systems and international platforms, the alliance is in alignment with global fintech developments as well as Bahrain’s vision of a knowledge-based economy.
Alipay+ expressed positive sentiments regarding the initiative, saying that it aims to support local merchants of all sizes to accept simple international payments and enable BENEFIT customers to access its solutions across borders in the near future. The launch follows Ant International’s recent opening of its first Middle East office to expand its partnerships in the region. Besides Bahrain, Alipay+ is also integrated into 10 national QR payment schemes in countries including Singapore, Malaysia, South Korea, Cambodia, Nepal and Sri Lanka.
