The Benefit Company in collaboration with FOO technologies has created the National Mobile Electronic Wallet (BenefitPay), e-payment software designed to streamline payment within the Kingdom.
Due to launch this month the system allows users to download an app onto their smartphones and settle payments electronically without the use of cash or a physical card.
BenefitPay also allows merchants to receive payments without the use of more sophisticated machines as is the case today. They can also accept and review payments using any smart-device at their disposal. This means that merchants and consumers will be in complete control of transactions and can view their histories digitally.
The first phase of E-Wallet is due to go live this month and will consist of consumers adding their payment instrument information (debit cards) to the app and merchants applying for acceptance of payment using QR code technology.
The second phase is due to commence before the end of the fiscal year with the implementation of Fawri, Fawateer and Near Field Communication payments, as well as the addition of marketing services for merchants to engage in sales promotion with users of the app.
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