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SADAD Bahrain, a leading FinTech company in the kingdom providing a comprehensive digital payment platform, has become the first company in the Middle East region to launch gift vouchers on the blockchain.
A distributed ledger technology is used to issue, transact and share Gift vouchers within SADAD’s private Blockchain network.
Customers can securely purchase the Gift Vouchers via SADAD Mobile application and use it for all SADAD service, said a statement from the Bahrain company.
This ambitious project includes not only SADAD Mobile app, but it will also cover the SADAD self-service payment kiosks network.
Using this revolutionary technology, customers can purchase Gift Vouchers via both SADAD Mobile app and SADAD payment kiosk and then share it with their family and friends. This innovation is believed to bring a dynamic versatility towards the un-banked or under-banked consumers of the kingdom, it added.
This development has positively impacted each step of the transaction pipeline: faster processing and settlement times, lower transaction costs, and perhaps most importantly, less fraud.
Blockchain along with Distributed Ledger Technology is recognized worldwide as a standard for recording electronic financial transactions to ensure security and trust. All recorded data is securely signed by standard cryptography algorithms and distributed over different servers, said the statement.
Perhaps most importantly, SADAD leverages blockchain to link each gift card with a user account — this logs ownership, secures against theft or unwanted transfers and serves as a guard” he added.
In alignment with the national strategy of cashless society and digitization strategy of SADAD, it is believed to be a major milestone to ensure a great consumer experience by adopting blockchain technology in the payment industry means that customers and businesses can finally have peace of mind when it comes to security, said the statement from Bahrain.
This will ultimately align Bahrain with the global move of a comprehensive blockchain landscaping, it stated.
SADAD is the first and the only company in Bahrain that offers this service, ensuring comfort and security to its customers, it added.