BENEFIT participates in 2nd Edition of Visa CEMEA Payment Forum 2024

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, recently participated in the 2nd Edition of the Visa CEMEA Payment Forum 2024, hosted in Istanbul from May 28th - 30th under the theme ‘Tomorrow’s Blueprint, Today’.

The forum brought together more than 700 attendees from nearly 90 markets across Central and Eastern Europe, Middle East and Africa to explore the future of payments, commerce and money movement.

Yousif AlNefaiei, Deputy Chief Executive of Business Development & Services at BENEFIT, joined a panel session titled ‘Capturing New Money Movement Using Visa Direct Capabilities’.

The session, moderated by Ali Bailoun, Vice President and Regional General Manager for Saudi Arabia, Bahrain, and Oman at Visa, also featured other senior leaders from the financial sector.

The panel explored the significance of money movement within the GCC and how the synergy of Alias and Visa Direct can enhance convenience and transparency, thereby elevating the overall customer experience through mobile solutions and cross-network access.

“The Global market size of the Remittance was around $740 billion in 2023, the size of the GCC’s remittance market is projected to be around $150 Billion in 2024, reflecting the high demand for remittance services.

This presents a significant opportunity for further digitization and tailored solutions, the GCC digital remittance is projected around 23 billion in 2024 representing around 15% from the overall GCC remittance, and it is growing massively” BENEFIT boasts over 1 million subscribers, a remarkable figure considering Bahrain’s population of approximately 1.5 million.

Yousif further emphasized BENEFIT’s strategic partnerships, including an MoU with India with plans to target Thailand, Egypt, and Jordan, showcasing their commitment to wider reach and diverse remittance options. “Our partnership with Visa Direct simplifies payments and expands options by streamlining back-end processes like eKYC, screening, and AML checks.

This, in turn, translates to a more convenient user experience with simpler and potentially 24/7 access to remittance services.” Yousif AlNefaiei, Deputy Chief Executive of Business Development & Services at BENEFIT commented, “The forum provided a valuable platform to engage in meaningful dialogue and exchange knowledge with a distinguished group of industry leaders.”