Digital payments and banking technology firm i2c Inc. has joined forces with mobile app BEYON Money to roll out a digital wallet in Bahrain that enables retail, bill and peer-to-peer payments for users, connects to bank accounts via open banking, offers financial insights and provides digital remittances, according to a Thursday (Dec. 2) press release.
The BEYON Money app was launched by Batelco Financial Services, the FinTech arm of Bahrain’s digital solutions and telecommunications provider. The service is backed by a first-of-its-kind open banking license from the Central Bank of Bahrain, according to the announcement.
The app will develop card issuing and processing functions through i2c’s banking and payments platform.
Through i2c’s Fintech Fast Track certification, BEYON Money will tap into Visa’s network infrastructure to roll out a digital-focused debit program with a physical card option available upon request.
In addition, Bahrain consumers will be able to use the app to pay for utilities, rent and mobile service, according to the announcement.
“We are proud to partner with BEYON Money and its visionary team as they work to reimagine everyday financial life for their country,” said i2c Inc. General Manager, MEA Region Aurangzaib Khan. “Our building block technology was designed to help visionaries like Batelco Financial Services to create new possibilities in banking and payments, and their BEYON Money super app is a perfect embodiment of that philosophy.”
Like the partnership with BEYON Money, i2c last month joined forces with online acceptance and payments platform Omise to allow customers the ability to design and implement virtual card payment programs throughout Southeast Asia, according to PYMNTS. Beginning in 2022, FinTechs will be able to introduce and manage card programs in the region.
Related: Payment Platform Omise, i2c Partner on Payments Programs in Southeast Asia
Underlining the need for the mobile payments initiative in Bahrain, nearly 1 in 5 Bahrain residents were unbanked, while the Middle Eastern country has a 131% mobile penetration rate, according to the World Bank’s Global Findex report.