Zain Bahrain has announced the launch of 'Zain Wallet', a unique mobile financial transaction facility that puts all subscribing Zain Wallet customers in Bahrain in charge of their financial destiny.

Using the ease of use of mobile communications and the extensive reach of its network, the Zain Wallet is a simple menu-driven program geared to make money transfers between individuals in Bahrain and internationally to beneficiaries a matter of punching a few buttons, said a Zain official.

Initially, the international transactions will be carried out through Globe Telecom and G-Cash to the Philippines via Nonoo Exchange in Bahrain, noted Zain Bahrain general manager Mohammed Zainalabedin.

He said Zain Bahrain through its’ financial services partners, Mode Bahrain, was working to rapidly expand the reach of the service to include other countries like India, Pakistan, Nepal, Bangladesh as well as Europe and the UK.

"Zain Wallet service will enable people, whose remittances are traditionally small and who are often daunted by the terms and conditions of commercial banks – to take charge of their financial planning in a manner that has never been possible before and in the most secure way," Zainalabedin said.
 
"The Zain Wallet uses a dazzlingly simple format designed to appeal even to everyone," explained special projects manager Bashar Alami.

"All financial services within the Zain Wallet product are delivered by Zain’s partners who are all licensed by the Central Bank of Bahrain," he added.

"It is a simple three-step process. Visit any Zain Experience shop and fill out the Zain Wallet application form with a copy of your CPR at the Zain Wallet counter and swap your existing Zain SIM chip for the specially-designed Zain Wallet chip."

"This is a free upgrade and you continue to use your original Zain number. You will be then required to select a Pin number which is your secret number to manage transactions with complete security," he explained.

"Using the easy-scroll menu, you can then immediately carry out the following transactions: send cash to a beneficiary in Bahrain (Zain customers initially), internationally to beneficiaries in the Philippines through G-Cash, buy airtime, check your Zain Wallet balance and handle administrative details such as getting a statement electronically and checking if the money has reached beneficiaries," Alami stated.

All SMS messages to Zain Wallet service center are free as are phone calls to the call center.

"The first remittance can be made free of charge with the sales team's assistance," Alami said, "And all transactions for the first month of the Zain Wallet launch are free of charge," he noted.

"Later, we shall be charging very competitive rates that come with a host of benefits – instantaneous money transfers, a minimum bank balance requirement of just BD 1, SMS alert of salary transfers and security. All funds held in the Zain Wallet are securely managed by BMI Bank BSc," he added.

"So hereafter customers need not wait till the week-end to travel to a money exchange center to remit money. The moment their salary is transferred to the bank, they will be alerted via SMS and can immediately transfer the money,"
he added.

Zainalabedin pointed out that The Zain Wallet was more than a telecoms-enabled money transfer service and was first of its kind in the region.

"It has the potential for social change and is especially relevant in the GCC. At Zain Bahrain we believe in walking the talk as far as corporate social responsibility is concerned."

"Zain Wallet is a classic example of how we harness the potential of technology to serve our customers and create new values and a climate for progress in the process," he said.

The GSM Association Director for Strategy and Development, Gavin Krugel lauded  the ambitious project, saying the launch of Zain Wallet demonstrates how telecoms technology can bring new financial independence to millions around the world.

"Zain Bahrain has shown vision in seeking to bring such innovation to the masses," Krugel said, "This is part of the GSM Association's global Mobile Money Transfer program to enable the world's 200 million to easily and securely send remittances to their dependents, many of whom don't have bank accounts, he added.-TradeArabia News Service