BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced that cardless ATM withdrawal is available as an option from Citi Bahrain ATMs through the process of Tokenization since March 2021, making it the first international bank to complete the project.
The new cardless mobile withdrawal service with Benefit Pay will be offered by Citi Bahrain one that doesn’t require users to swipe or insert their debit cards. Instead, users withdraw the cash they need using smartphone technology. This technique has been designed to enhance security and fight online and digital breaches, allow for faster transactions, and greater convenience.
Citi Bahrain is also currently using tokenization for their Tap & Go services, to accept contactless cards to withdraw money by using near-field communication technology (NFC) only requiring the user to place their smartphone next to a POS machine to complete their contactless payment. This method is one of the fastest and most secure payment methods, which falls in line with BENEFIT’s purpose of making financial transactions as convenient as possible.
BENEFIT’s Assistant General Manager, IT, Riyad Almaraj commented “The BENEFIT Company takes pride in being the first wallet to offer cashless withdrawals through Citi Bahrain’s ATMs, as we are constantly striving to make electronic transactions more efficient through our innovative methods. This option will reduce the necessity of carrying around a debit card, and we anticipate this being available at other banks as well when they follow Citi Bahrain’s lead to promote a cardless ecosystem and increase financial inclusion in the Kingdom.”
Citi Bahrain’s Consumer Bank Head, Christoph Geidner commented: “Citi Bahrain is proud to be the first International bank to introduce cashless withdrawals in March 2021 to follow other firsts we introduced in the market. Our approach to switch customers to digital solutions began a long time ago and we will continue to seek innovative ways to offer our suite of products and services using the latest digital technology to make banking for our customers more efficient faster and safe at the same time”.
