TAM Dinar, Bahrain’s first e-money is gaining acceptance in the Kingdom as an alternative to cash payments with a growing number of clients in government and commercial entities, said Payment International Enterprise (PIE).
PIE is responsible for all cash management, live reflection of transactions, daily reconciliation reports and settlements.
The services are currently used by the General Directorate of Traffic, 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 Ministry of Works.
TAM Dinar launched in 2016 as Bahrain’s first e-Money has been embraced by various governmental institutions for its seamless experience.
The cashless environment enables complete traceability with secure transactions via end-to-end encryption and less fraudulent activities in transactions. Payment vouchers issued by TAM kiosks has access to multiple convenient locations.
The CEO of PIE commented on the increasing momentum to promote and craft a seamless cashless society, in line with Bahrain 2030 vision.
He further added, Governmental and commercial entities that go cashless are alleviated from all the burden and risk of handling cash improving convenience in financial transactions.
Looking ahead, PIE would focus on increasing its reach in the Kingdom & GCC region and will continue to build and invest in new payment solutions and businesses.