BENEFIT — the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, and LuLu Exchange — one of the country’s largest cross-border payments company, have joined hands to enable users of BenefitPay — Bahrain’s largest e-wallet network, to conduct cross-border remittances and currency exchange transactions through any of LuLu Exchange’s 16 branches spread across the country. The announcement is in line with LuLu Exchange’s continuous efforts to transform its branches into consumer engagement hubs.
With consumer convenience at the heart of this partnership, users can choose to transact cashless using their BenefitPay accounts, by scanning the QR Code placed at the branch counters of LuLu Exchange. This transfer of money will be done in the presence of a physical teller, thus giving consumers the reassurance that their hard-earned money is being sent home, in a safe and reliable manner.
Mr. Edison Fernandes, General Manager at LuLu Exchange, remarked that the initiative has tremendous benefits for Bahrain’s digitization efforts. He added, “BenefitPay has over half a million users in Bahrain, who have grown accustomed to the convenience it offers for all types of payment requirements. By partnering with BenefitPay, we hope to make transactions at our branches equally convenient and seamless for thousands of users who prefer cashless modes of money transfer. This partnership will positively impact the payments ecosystem in Bahrain, and contribute to building simplified solutions that combine digital and physical consumer touchpoints.”
Deputy CE of BENEFIT, Yousif Al-Nefaiei stated, “We are pleased to welcome Lulu Exchange as a key partner to our BenefitPay merchant’s network. This partnership will empower the journey of elevating Bahrain’s position in minimizing cash usage and transforming the country toward digital payments and becoming a cashless economy. We are witnessing a significant increase in the use of BenefitPay users spanning different sectors and segments, especially the expat community which represents a large segment of the population. We are committed to continuously providing innovative solutions demanded by our communities. Through these solid alliances, we are able to extend our solutions to untapped areas, and further contribute to the ecosystem.”
