BENEFIT, Bahrain’s leading company in Fintech and electronic financial transactions service, has signed a linkage agreement with NPCI International Payments Limited (NIPL) – India, to enable seamless integration between Bahrain’s Electronic Fund Transfer System (EFTS), specifically Fawri+ service, and India’s Unified Payments Interface (UPI).
The initiative is being carried out under the supervision of the Central Bank of Bahrain (CBB) and Reserve Bank of India (RBI), marking a significant step towards advancing cross-border payment connectivity between the two nations. UPI facilitates nearly 20 billion transactions every month, amounting to over $280 billion in value. With a user base of 500 million and commanding approximately 84% of India’s retail digital payment market, UPI has emerged as a global benchmark in digital payments, said a statement.
This landmark collaboration represents a strategic step towards strengthening Bahrain’s position as a regional financial hub and a leader in digital transformation and electronic payments. It reaffirms the Kingdom’s commitment to adopting state-of-the-art financial infrastructure innovations and marks a pivotal milestone in the ongoing expansion of Bahrain’s Fawri+ service into international networks and systems. Furthermore, the agreement opens new horizons for users in both countries to perform cross-border real-time transfers, securely, and seamlessly.
The partnership is the result of joint efforts between the Central Bank of Bahrain and BENEFIT, reflecting a shared vision to expand on the use cases of instant payments, fostering cross-border payments, and facilitating digital banking services for individuals and businesses alike.
Abdulwahed AlJanahi, Chief Executive of BENEFIT, stated: “The signing of the linkage agreement with India’s NPCI International represents an important strategic milestone in strengthening Bahrain’s presence in the global digital financial landscape. The partnership underscores our commitment to delivering advanced digital payment services that contribute to supporting the national economy and expanding economic relations between Bahrain and India. The new service will enable citizens and residents in both countries to send and receive money instantly and securely, reflecting our continuous efforts to meet the growing demand for fast, reliable, and cross-border financial solutions.”
AlJanahi further added: "BENEFIT continues to pursue its strategic vision of expanding its real-time payment network globally in line with the directives of the Central Bank of Bahrain and the Kingdom’s ambitious national strategies. These initiatives aim to strengthen the digital economy while facilitating international trade and investment. We look forward to fostering more similar partnerships and collaborations, which will enhance the reach of Bahrain’s payment ecosystem and ensure seamless integration with global markets.”
Ritesh Shukla, MD & CEO, NPCI International Payments Limited (NIPL) , said, “We are delighted to partner with BENEFIT to enable secure, real-time remittances between India and Bahrain. We believe this collaboration will deepen financial connectivity, pave the way for further cross-border payment innovations, and contribute to promoting financial inclusion and shared economic growth that benefits individuals and businesses alike. The initiative will also serve the large Indian diaspora in Bahrain, making money transfers faster, safer, and more convenient.” – TradeArabia News Service
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