GSS and Festipay sign strategic alliance to develop cashless payment solutions in the Middle East

TDT | Manama

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Gulf Strategic Solutions (GSS), a specialist events company in the Middle East and Fesitpay, the cashless payment technology provider, today announced the signing of a strategic alliance with the aim of developing integrated cashless payment solutions and event planning services across the Middle East.

The aim of the new partnership will be to develop market leading event services, with a focus on the development, promotion and distribution of Festipay’s cashless payment solutions, which have been utilized across several major events across Europe and the Middle East in recent years.

GSS is an affiliated company of Bahrain International Circuit (BIC) and was established in 2023 to develop specialist event planning services for third parties, based on its 20 years of expertise in running the Formula 1 Grand Prix and many other significant events for third parties.

Its relationship with Festipay was cemented last year as The Bahrain Grand Prix became a cashless venue for the first time ever, making use of the technology and expertise provided by Festipay. As well as providing integrated point of sale technology across the venue for card transactions, it also developed “BIC Pay” a pre-paid card solution for customers, meaning that fans enjoyed simple, fast cashless payments across BIC. The technology has also been used for other major events at BIC, including The World Endurance Championship and The Bahrain Darts Masters.

GSS will work with Festipay to promote and implement the cashless solution and associated technologies to major events across the region.

Sheikh Salman bin Isa Al Khalifa, Chief Executive of Bahrain International Circuit, said:

“Since its establishment, GSS has sought to partner with best-in-class organisations that share our ambition to deliver high quality events. Festipay’s expertise in cashless payment solutions, as evidenced by it’s work at last year’s Formula 1 race in Bahrain, means that this strategic alliance is a natural partnership for us. We look forward to working with the team at Festipay on new and exciting opportunities.”

Laszlo Marki, CEO of Festipay, said:

“Festipay has been a key player in the Central and Eastern European event digital payment market for a decade. A significant milestone for us was that we had won the digital payment service contract for the Formula 1 Bahrain Grand Prix. And it is equally important that we have found not just a client but a strategic partner in Bahrain, allowing us to collaborate closely in the Middle East. According to the agreement we have just signed, we are entering one of the world's most rapidly growing digital payment markets in partnership with GSS.”