Al Salam Bank Unveils ASB Pay Business Platform
Al Salam Bank launches ASB Pay Business, a Shari’a-compliant digital POS platform to empower businesses in Bahrain.
Summary
Al Salam Bank has introduced ASB Pay Business, a digital POS platform designed to support businesses of all sizes in Bahrain, enhancing the digital payment landscape.
In a significant move to bolster the digital financial landscape in Bahrain, Al Salam Bank has launched the ASB Pay Business platform. This Shari’a-compliant digital point-of-sale (POS) solution is set to revolutionize the way businesses, ranging from large corporations to micro, small, and medium enterprises (MSMEs), handle transactions. The platform also targets freelancers and virtual business license holders, offering them a flexible, mobile-first solution tailored to their unique business models.
The ASB Pay Business platform eliminates the need for traditional POS hardware by enabling merchants to process payments directly through their smartphones. This innovative approach not only simplifies the payment process but also reduces operational costs for businesses. The platform's features include digital invoicing, payment links, direct bank account integration, and real-time transaction tracking, all accessible via a user-friendly and secure interface.
One of the standout features of ASB Pay Business is its seamless onboarding process, which allows merchants with Al Salam accounts to enjoy same-day settlement. This swift integration facilitates immediate access to the digital acquiring world, empowering businesses to operate more efficiently and expand their market reach. The platform's scalable tools are designed to integrate effortlessly with existing accounting systems, e-commerce platforms, and operations management tools, making it a versatile solution for businesses of all sizes.
Mr. Anwar Murad, Deputy Group CEO – Banking at Al Salam Bank, emphasized the transformative impact of ASB Pay Business on the digital payments landscape in Bahrain. He highlighted the bank's commitment to offering innovative, Shari’a-compliant financial solutions that cater to local market needs and enhance the entrepreneurial environment. By providing smart digital tools, Al Salam Bank aims to improve operational efficiency and support business expansion, particularly in the MSME sector, which plays a crucial role in national economic growth.
This initiative underscores Al Salam Bank's dedication to fostering local entrepreneurship through a digitally empowered banking environment. By facilitating access to modern digital financial services, ASB Pay Business enhances the long-term sustainability and market reach of small businesses, aligning with the bank's corporate social responsibility efforts.
In light of these developments, investors might consider a buy recommendation. The launch of ASB Pay Business positions Al Salam Bank as a frontrunner in the digital transformation of the financial sector in Bahrain, potentially leading to increased market share and profitability.
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Summary
Al Salam Bank has launched "ASB Pay Business," a Shari’a-compliant digital POS platform in Bahrain, designed to serve a range of businesses from large corporations to MSMEs and freelancers. The platform provides a comprehensive digital payment solution, allowing merchants to accept payments via smartphones without traditional POS devices. It includes features like digital invoicing, payment links, direct bank integration, and real-time transaction tracking. ASB Pay Business aims to support underserved merchant segments, offering a mobile-first solution that integrates with accounting and e-commerce systems. The platform emphasizes fast onboarding and secure transactions, with same-day settlement for merchants with Al Salam accounts. This initiative aligns with the bank's goal to lead digital transformation in finance and support the MSME sector, enhancing business efficiency and growth.
