Bahrain’s first e-Money, TAM Dinar, is increasingly gaining traction in the Kingdom’s broader financial ecosystem, announced Payment International Enterprise (PIE).

PIE launched the TAM Dinar in 2016 as part of the government’s long-term objective of promoting cashless transactions countrywide. In a press release dated April 1, the company stated that more and more public and private sector organizations are embracing the TAM Dinar for their everyday transactions, with the average net transaction volume soaring up to millions of Dinars.

Some of the most notable examples of organizations going cashless using the TAM Dinar include the General Directorate of Traffic, Bahrain Customs, Electricity and Water Authority, Central Informatics Organizations, Survey and Land Registration Bureau, Real Estate Regulatory Authority, Bahrain Royal Medical Services, AXA Insurance Company, Polytechnic University, Ministry of Works, and Medgulf Takaful.

The benefits of switching from the obsolete cash-based transaction mode are manifold. For example, it enhances the traceability of every single transaction within an organization. That, in turn, does away with the need of having a separate cash management unit. And besides, TAM Dinar offers full payment protection via end-to-end encryption, which makes it ideal to use for even large or bulk transactions.

Commenting on the growing use of TAM throughout the Kingdom, Fawaz Ghazal, CEO of PIE, said: “There is an increasing momentum to promote and craft a seamless cashless society, in line with Bahrain 2030 vision. Multiple entities in Bahrain, public and private, have decided to ride the FinTech wave to add efficiencies to their daily operations. Governmental and commercial entities that go cashless are alleviated from all the burden and risk of handling cash. In addition, cashless payments could improve convenience in daily lives as well.”

Buoyed by its success so far, PIE now plans on expanding the scope of TAM Dinar by further expediting the rate of its adoption. Additionally, the Bahraini startup aspires to bring forth new payment solutions and business models that will add to Bahrain’s ongoing efforts to execute and timely and large-scale countrywide digital transformation.

Ghadeer Alaradi

Ghadeer Alaradi

A writer and content producer for StartUp Bahrain who enjoys uncovering stories of founders who are making a difference in their communities, successful women, passionate youth, and change-makers who strive to make the world a better place.

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