BFC Payments B.S.C. (C), the Fintech arm of BFC Group Holdings W.L.L., has collaborated with M2P Fintech, which claims to be Asia’s largest API infrastructure company, “to launch an advanced multicurrency card, BFC PAY TRAVEL BUDDY that offers international travelers great convenience as it allows for fast top-ups, instant currency conversion, worldwide shopping, dining and lots more.”
The technology stack “for issuing the card is powered by M2P Fintech along with Visa Platinum as the network partner.”
With the rise in business and leisure travel post-pandemic, a safe and seamless digital payment instrument “like the multi-currency prepaid card becomes crucial for the traveler.”
A significant advantage of the BFC Pay Travel Buddy card is “the ability to instantly load BHD and transfer to five different currencies in the wallet at attractive exchange rates.” The exchange rate lock feature “allows the forex (FX) rate to be secured when converting the currency.” BFC Pay Travel Buddy Card “leverages the best of M2P’s ‘Cards Suite’ to provide consumers with instant, safe and seamless payment choices.”
Ebrahim Nonoo, MD & CEO, BFC Group Holdings, said:
“With over 100 years in the forex business, we have created an end-to-end Digital Solution to cater to our customers’ travel needs. As one of the leading digital fintech players in Bahrain, BFC Payment’s primary focus is to ease and enhance our customer’s experience. BFC Pay Travel Buddy is a testament to our commitment to that digital transformation. I am excited to welcome new and existing customers to experience ‘The Travel Buddy Card.’”
As mentioned in the announcement:
“For Travel Buddy, we wanted to offer our customers a superior digital experience. Everything is done instantly through the BFC Pay mobile app, whether applying for the card, loading the money or buying FX. We want customers to travel cash-free and give them the most cost-effective solution on all their international spending, be it booking tickets online or shopping while you travel”, says Davis Parakal, General Manager, BFC Payments.”
Vaanathi Mohanakrishnan, Business Head, MENA, M2P Fintech said:
“We are excited to partner with BFC Payments to offer the multicurrency travel card. M2P’s Cards Suites, which enable over 30 million payment instruments in Asia, has innovation at its heart. The versatility of prepaid travel cards is just another illustration of M2P’s ability to develop tailor-made solutions to meet the diverse requirements of consumers and maximize customer delight.”
Here are some of the salient features of the card:
- Currencies accessible on the card: The card can be loaded with six different currencies (USD, GBP, EUR, SAR, AED and BHD) with fixed exchange rates.
- Protects from foreign exchange volatility: Being a prepaid forex card, the foreign currency balance is safeguarded against currency fluctuations.
- Works on Visa platform: The BFC Pay Travel Buddy card is powered by Visa and is accessible across all Visa Platinum platforms.
- No hidden charges for the card: There is zero loading or FX buy charges on the card.
- Fully digital: Card can be “applied and managed through BFC Pay App.”
- How to top-up: Card can be easily loaded with any debit card from a Bahrain bank.
As noted in the update, BFC Payments B.S.C (C), “launched four years ago in Bahrain under BFC Group Holdings W.L.L., and has come a long way in the field of digital payments within a short span of time.”
BFC Payments is “licensed by the Central Bank of Bahrain (CBB) as an Ancillary Service Provider and one of the leading players in mobile and salary wallets, prepaid cards, local and cross border payments.”
Founded in the year 2014 and headquartered in Chennai, M2P Fintech is Asia’s largest API infrastructure company “offering a wide gamut of services that enable businesses of any scale to embed financial services.”
M2P Fintech is “an omnichannel platform that operates in over 20 markets across the Asia Pacific, MENA and Oceania regions.”
M2P works “with over 100+ banks, 100+ NBFCs, and has clocked over 600+ Fintech engagements across various industries serving over 35 million end users.”
M2P pioneers next-gen Fintech “through innovative offerings across the payments, lending, and banking ecosystem.”
Their comprehensive tech-stack “powers the core banking system, core lending suite, BNPL, customized credit cards, prepaid cards, and much more.”