FLOOSS, a digital digital-first program, which provides financial services across the Kingdom of Bahrain has been launched following Mastercard‘s partnership with Payment International Enterprise. Users will now have access to virtual cards in minutes, pay online and more. The banking alternative allows customers to use the Mastercard prepaid card in stores and at ATMs around the world.
The FLOOSS card enrolment is simple and doesn’t require opening a bank account. Customers can deposit, withdraw, and transfer funds between accounts quickly and easily, keeping track of all purchases made with their wallet or card. The FLOOSS app allows customers to set reminders for outstanding bills and the ‘add-to-cart’ feature is an all-at-once payment point.
Further services available through the app include: utility bill payments, telecom services (top-up, bill payments and enquiry), gift vouchers for gaming and entertainment, in addition to calling cards. User data is safe thanks to the adoption of high-security standards and the implementation of cutting-edge security technologies to protect sensitive information including purchase history and account information.
Fawaz Ghazal, CEO of Payment International Enterprise, said: “FLOOSS is a financial platform built to deliver a more efficient banking experience. We are bringing a better way to manage money in an alternative to the traditional payment system. With a proven track record of collaborating with fintechs across the region and wider world, Mastercard is a great partner for this venture, with technological expertise to ensure the successful launch of FLOOSS in Bahrain and the region.”
Digital payment platforms represent an alternative to traditional banking services by offering a virtual system with the same range of products and services, either through an online platform or a mobile app, so customers won’t ever need to visit a branch. The business model focuses completely on eliminating cash and promoting digital paperless transactions.
J.K. Khalil, Country Manager, Saudi Arabia, Bahrain and Levant, Mastercard said: “Growing the domestic payment ecosystem is crucial for the development of a robust digital economy that is also more inclusive to the communities it serves. A key success factor for regional economies when it comes to leveraging the growth of eCommerce and advancing financial inclusion is the youth segment that is shaping the future of our economies. This partnership reinforces Mastercard’s position as the go-to player in digital payments and inclusive use cases in the region.”
Through this partnership, Mastercard is further cementing its position as a leading technology provider and enabler for digital first-use cases. Along with its fintech partners, Mastercard is continuing to reshape the face of digital payments and virtual banking across the region.
The number of POS and ecommerce transactions in Bahrain topped $3.62billion in the first half of 2021, according to the Central Bank of Bahrain (CBB).