Mastercard Incorporated, also known as MA, recently developed an alliance with the ‘Payment International Enterprise’ in order to launch the first-ever digital program “, FLOOSS”. This latest launch will be going to provide and help with financial services across the Kingdom of Bahrain.
With the substitute of banking facilities, the consumer will get a virtual card within a few minutes and pay online. It will also facilitate plenty of financial choices, in which flexibility is added. One can use a Mastercard prepaid card at stores and ATMs worldwide.
The procedure of the FLOOSS application is quite simple and simplified as a customer does not need to open a bank account for the same. Customers can enjoy entire transaction processes along with easy deposits and withdrawals.
Not only the flexible procedure but also provides reminders to clients for outstanding bills, which also help them track their transactions, and all.
Some other important features of this app are utility bill payments, telecom services, gift vouchers for entertainment and gaming, and all. The best part of this app is that the user data is completely safe because of its security standards and the state of the art security technologies.
This is a top-class substitute to the traditional payments system. Given the current situation, the entire digital payments space is flourishing with opportunities. Higher adoption of digital payments is also courtesy of the rising preference for e-commerce. But the outbreak of the COVID-19 pandemic a couple of years ago provided further acceleration.
As people across the globe preferred to make online payments after the COVID pandemic and avoid going out from their homes at the risk of exposure to the virus and with the brick-and-mortar stores being shut, e-commerce sales saw a surge, boosting digital paperless payments as a safe transaction mode. This cashless method evades physical contact.
MA teamed up with the Bahrain fintech Eazy Finacial Services will provide digital payment tools and readily available financial services to the nation’s small and medium-sized enterprises.