Benefit has recently launched its new payment service BenefitPay whereby customers are able to pay their bills or receive payments through their mobile phones without the need of cash or even credit cards.
The CEO of Benefit Abdul Wahid Janahi commented on BenefitPay saying: “All that is needed is to download the app [is to] create an account, provide the CPR and mobile number, registering using a one-time password that the user will receive through SMS, and finally the user will be assigned a PIN number and will use their fingerprint to access and authorize BenefitPay, thus fully ensuring security wholly and without exception as per the international and industry standards.”
According to him, local small businesses such tailors, bakery, hair salons, and Instagram businesses would love business since they do not accept credit cards. BenefitPay reduces the need for special machines and physical cash. “Now, consumers will be encouraged to spend at these stores, and they too will be encouraged to accept BenefitPay if only for the sheer convenience of doing so, effectively accelerating an existing stream of revenue in the economy.”
Merchants are able to get BenefitPay by contacting the acquirer bank who will send them log in credentials via email allowing them to set their virtual branches and then begin using BenefitPay to receive business-related payments over their smart devices through the Appstore/Playstore.