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TAM Dinar, a product by Payment International Enterprise (PIE) –considered ‘Bahrain’s first e-Money’ – is now currently used as an alternative to cash payments by government and commercial entities, with volumes in millions of dinars … and it continues to grow in popularity.
Launched in 2016, it was adopted initially by the General Directorate of Traffic and since then several other governmental institutions have embraced the solution for its seamless experience.
By going cashless, institutions would have complete traceability, no cash management and the risks associated with it, transactions that are more secure than ever before, payments protection via end-to-end encryption and less risk of fraud.
Fawaz Ghazal, CEO of PIE, said: “There is an increasing momentum to promote and craft a seamless cashless society, in line with the Bahrain 2030 vision.
“Multiple entities in Bahrain, public and private, have decided to ride the FinTech wave to add efficiencies to their daily operations. Governmental and commercial entities that go cashless are alleviated from all the burden and risk of handling cash. In addition, cashless payments could improve convenience in daily lives as well.”
Public and private entities within the kingdom have gone cashless utilising PIE’s innovative solution now also include the Electricity and Water Authority, Bahrain Customs, Real Estate Regulatory Authority, Survey and Land Registration Bureau, Central Informatics Organizations, Bahrain Royal Medical Services, Polytechnic University, AXA Insurance Company, Medgulf Takaful and the Ministry of Works, among others.
The process allows for a transition from physical cash to a completely digital means of transaction. Payment vouchers are issued by TAM kiosks which can be accessed in multiple convenient locations. PIE is responsible for all cash management, live reflection of transactions, daily reconciliation reports and settlements.
PIE, as highlighted in FinTech Focus, is on the frontline of the FinTech sector aiming to offer a better understanding of what problems, trends and what an innovative and seamless future looks like.
Future plans will focus on increasing the number of entities in Bahrain to innovate and go cashless. Furthermore, PIE will continue to build and invest in new payment solutions and business models to ‘deliver real digital transformation to corporations in Bahrain and the MENA region’, added Fawaz.
