Pay10, a global alternative payment platform, has received a payment service provider licence from the Central Bank of Bahrain (CBB), clearing the way for the company to offer regulated digital payment services in the Kingdom.
The licence, issued under the Ancillary Services Provider framework, enables Pay10 to integrate directly with Bahrain’s domestic payment systems, including the Fawri+ real-time payments network.
The company, headquartered in the UAE with registered offices in 12 countries, says it plans to deliver mobile-first, interoperable infrastructure designed to support both consumer and merchant transactions with a focus on real-time settlement, compliance and ease of use.
Harry Gill, chairman at Pay10, said: “We are honoured to receive this licence from the Central Bank of Bahrain and to support the Kingdom’s progressive approach to financial innovation. Our goal is to build real-time, regulator-aligned payment systems that put users, both consumers and merchants, at the centre of the digital economy.”
Bahrain boom
The licence approval follows a period of strong growth in Bahrain’s payments sector, with official data showing double-digit increases in both transaction volumes and values. In the second half of 2024, point-of-sale and e-commerce payments rose by 20.4 per cent in volume and 14.6 per cent in value, according to the Central Bank of Bahrain.
Real-time payments via the Fawri+ system also grew by over 20 per cent, while contactless methods now account for more than three-quarters of all in-store transactions.
More than 90 per cent of businesses in Bahrain are classified as small and medium enterprises, many of which still rely on outdated payment systems. Despite growing demand for faster and more affordable payment options, gaps in infrastructure persist. Pay10 aims to address these issues by offering an alternative suited to real-time and low-cost transactions.
Earlier this year, Pay10 became the first fintech to go live in production of the UAE Central Bank’s Open Finance Framework.
Source: https://thefintechtimes.com/
