Every day, financial organizations or sectors advance and discover new ways to improve or innovate in their respective fields. Due to the pandemic, several financial digital platforms were created, offering a new approach to what would later become Neobanks — numerous Fintechs, popping like fruit flies in the global arena. In several countries around the world, the consumer is ignorant regarding these revolutionary platforms. — most still use cash as their only form of daily payment. As a result, Fintechs can take advantage of this educational gap, and circumstances to improve people's financial situation.
One of those fintechs is BEYON Money, an online wallet that provides its public with everything with a myriad of economic tools. In this blog post, we’ll talk about BEYON. What is it? And some of its history as well as features.
What is BEYON Money
BEYON Money is a financial application whose main feature is a digital wallet, allowing all its users to make all manner of payments, meet bills, and acquire other tasty financial services. By having a digital wallet, the application allows banks to join the project and offer their cards digitally inside the application/platform/network.
BEYON Money is also developing functions for the issuance and processing of cards through the banking platform. It has partnered with VISA, in a cutting-edge program that will be launched to the public — one that includes a digital credit card option with a physical card. The platform will play an important role in the promotion and evolution of new digital technologies and forms of payment, and accelerate the ecosystem by incorporating digital adoptions and financial solutions that will be available directly to their consumers.
BEYON is the first digital financial platform available in Bahrain. The app includes:
- Visa prepaid cards.
- Stored value wallets and membership cards.
- Open banking connectivity.
- Categorization of expenses and financial information.
- Fully digital remittances.
BEYON is the first completely digital financial application that offers direct access to open banking in Bahrain, connecting all banks in the region on a single holistic platform.
Benefits of BEYON
- BEYON offers lower transaction fees than banks, which is beneficial for both the consumer and the company.
- The BEYON platform solves the problems of financial inclusion — reaching institutions and requesting a credit card or any service. It is digital, which means it is fast and signing up is an incredibly easy process.
- Since the service is digital, this provides many advantages for the customers, one of which is a much more diligent and efficient customer service. As it is 24/7, the customers will be able to solve their doubts through calls or on the web’s online chat.
- BEYON Money is always looking for new updates and improvements to its service and system. The company constantly betters its benchmarks and seeks new technological features to add to its services.
What is the purpose and mission of BEYON Money?
BEYON Money's mission is to make innovative financial tools, offered by fintechs, more accessible to the public, easy to understand, and completely transparent. So that customer, who has never had a service of this magnitude, can feel comfortable and secure and adopt it rapidly.
BEYON will comply with the needs of their client base by giving them speed of action, and the choice of implementing a high variety of options into their day-to-day operations. Clients will be able to choose the best tool according to their needs - something that they never had the privilege of doing before in this region.
Regarding speed, BEYON’s metrics are based on providing their community the ability to process payments, transactions and other services faster than the competition. Due to the extensive experience of the platform team, which is made up of national and international fintech experts, the company has all the makings of a Cinderella story – fulfilling its mission and purpose efficiently and correctly, and providing an integrated and fluid banking experience on a single platform.
Who created it and where?
The BEYON platform was created by the company Batelco whose headquarters is located in Hamala. This giant is also responsible for Balteco Financial Services which is in charge of everything related to Fintech and the world of finances in the region of the world. Because of this, they became the first telecommunications company to receive adequate licences to create an Open Banking platform. They were the pioneers.
Batelco Financial Services was established in December 2013 as a separate entity from Batelco Group to provide financial services to its customer base of over 1 million subscribers. The company offers a wide range of products and services including personal loans, credit cards, home loans, and insurance products.
Today, the conglomerate seeks to enter the world of Fintech and expand its main business outlet.
Why was it created?
According to the World Bank's Global Findex report, one out of 5 individuals lack any type of banking service. Today, it is necessary for countries to implement easy to access financial platforms and offer new services to all their citizens.
This will allow the countries to advance and create new ways of using currency, not only using cash but also take advantage of all the new technological tools now coded into their financial sector. With the creation of these types of applications, companies like Batelco seek to take advantage of the current situation, the high growth of mobile phones in regions like Bahrain, in order to accelerate financial inclusion and expand their reach and their customer’s reach to other farway borders.
