Business

Cashless Is Coming

by BTM

Tue, 02 January 2018

Cashless Is Coming

 

Payment International Enterprise (PIE) offers payment solutions that are convenient and useful for all market segments. However, indicating something of a change, CEO Fawaz Ghazal says: “The unbanked and underbanked population will be our segments of focus in the coming year. This wide target audience, whose financial needs are not catered for currently, is a major opportunity in the market.”

He adds that 2018 is a promising year for the financial technology industry, with Bahrain moving into digital payments and financial inclusion which offers an opportunity for PIE to offer financial services and payment solutions.

The company’s TAM Dinar is a cashless payment solution already deployed in several government entities, and PIE plans on working with the government to implement it as a payment method in more government locations.

Additionally, there are plans to expand and diversify PIE’s financial products and services offering. This includes targeting a bigger market segment by financially including the unbanked and underbanked population.

Fawaz concludes: “Although 2017 was a slow economic year, it was a busy year for PIE. We saw our network expanding by placing our TAM Here self-service payment kiosks in multiple commercial centres; our TAM Dinar was adopted in the Ministry of Justice and Bahrain Customs, who became totally cashless entities; we added several payment services to our platform namely Western Union remittance services; and we recently launched our social media channels.”

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