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Bahrain’s first e-Money is doing exceedingly well with mass adoption by public and private sector organizations

MAGNiTT News startupbahrain.com - 1 year ago - Wed, Apr 3, 2019, 7:10 AM

Bahrain’s first e-Money is doing exceedingly well with mass adoption by public and private sector organizations
Author: MAGNiTT

By: Startup Bahrain

 

SOURCE: Startup Bahrain - Bahrain’s first e-Money is doing exceedingly well with mass adoption by public and private sector organizations


Bahrain’s first e-Money, TAM Dinar, is increasingly gaining traction in the Kingdom’s broader financial ecosystem, announced Payment International Enterprise (PIE).

PIE launched the TAM Dinar in 2016 as part of the government’s long-term objective of promoting cashless transactions countrywide. In a press release dated April 1, the company stated that more and more public and private sector organizations are embracing the TAM Dinar for their everyday transactions, with the average net transaction volume soaring up to millions of Dinars.

Some of the most notable examples of organizations going cashless using the TAM Dinar include the General Directorate of Traffic, Bahrain Customs, Electricity and Water Authority, Central Informatics Organizations, Survey and Land Registration Bureau, Real Estate Regulatory Authority, Bahrain Royal Medical Services, AXA Insurance Company, Polytechnic University, Ministry of Works, and Medgulf Takaful.

The benefits of switching from the obsolete cash-based transaction mode are manifold. For example, it enhances the traceability of every single transaction within an organization. That, in turn, does away with the need of having a separate cash management unit. And besides, TAM Dinar offers full payment protection via end-to-end encryption, which makes it ideal to use for even large or bulk transactions.

 

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