BENEFIT, the kingdom’s innovator and leading company in fintech and electronic financial transactions service, has signed a MoU with Pay10, a Central Bank of Bahrain (CBB) licensed Payment Service Provider, to strengthen Bahrain’s digital payments ecosystem.
Through this collaboration, Pay10’s dynamic QR technology will be fully interoperable with the BenefitPay app, enabling consumers and merchants to complete transactions seamlessly using their preferred digital wallets.
This initiative enhances convenience and drives the nationwide adoption of digital payments, said a statement from BENEFIT.
The MoU was signed on the sidelines of the recent FinTech Forward 2025 event held at the Exhibition World Bahrain, in the presence of prominent leaders and innovators from the FinTech sector.
The agreement will see new opportunities unlock for SMEs by integrating Pay10’s technology stack with BENEFIT’s infrastructure.
This integration facilitates faster onboarding, lowers transaction costs, and expands access to cashless payment solutions that promote business growth and competitiveness, it stated.
A deep-link integration will enable Pay10 users to move smoothly between both apps to complete payments, ensuring a secure and frictionless customer journey.
Moreover, Pay10 will benefit from BENEFIT’s payment gateway, account-to-account transfer, and direct debit services, delivering fast, reliable, and cost-effective transaction processing for both merchants and consumers.
In addition, Pay10 will extend its cross-border payment capabilities to BenefitPay users, enhancing regional interoperability and positioning Bahrain as a regional hub for secure and efficient digital transactions.
The integration of BENEFIT’s electronic Know Your Customer (eKYC) infrastructure with Pay10’s platform will further reinforce identity verification and streamline the digital onboarding process, boosting confidence and security across the financial ecosystem.
On the strategic tieup, Abdulwahed AlJanahi, Chief Executive of BENEFIT, said: "We are proud to enter into this strategic partnership with Pay10, which represents a forward-looking step in BENEFIT’s journey to support Bahrain’s national digital transformation roadmap in the payments sector."
"This agreement highlights our continuous efforts to strengthen Bahrain’s leadership as a fintech hub in the region and to keep pace with rapid developments in FinTech," he stated.
AlJanahi said: "As a leading force in payments infrastructure, BENEFIT continues to build partnerships that drive innovation and advance digital transformation in Bahrain and the wider region. This collaboration supports the vision of kingdom’s financial sector to create a secure, inclusive, and future-ready financial ecosystem."
"It also reflects our commitment to strengthening cooperation with partners during FinTech Forward 2025 and to fostering new alliances that align with our shared ambitions and market needs," he stated.
Harry Gill, Chairman, Pay10, said this MoU with BENEFIT reflects its shared vision to advance interoperability, inclusion, and financial innovation across the kingdom.
"By integrating our mobile-first payment infrastructure with BENEFIT’s trusted national network, we are enabling faster, more secure, and compliant transactions that empower consumers and businesses alike. Together, we aim to strengthen Bahrain’s role as a regional leader in digital payments and contribute to the growth of its digital economy," he added.-TradeArabia News Service
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