The Ministry of Industry and Commerce in Bahrain is all set to implement the first phase of BenefitPay, the electronic payment services for new commercial entities under Ministerial Decision No. 43 of 2024.
In an official statement issued recently, the Ministry announced that commercial institutions wishing to obtain new commercial registration must open a unified bank account in the name of the entity to handle all financial transactions.
Additionally, they must provide electronic payment services via the BenefitPay platform, Point of Sale (POS) devices, or electronic gateways.
Abdulla bin Adel, the Minister of Industry and Commerce of Bahrain, stated that the implementation of this decision aims to enhance transparency and efficiency in Bahrain’s financial system.
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He added that the decision seeks to improve financial management for commercial entities and expand business opportunities by adopting advanced digital payment solutions.
The Minister urged all new commercial entities to comply with this decision, which will contribute to simplifying financial procedures, improving the business environment, and ensuring sustainable growth.
Under the decision, existing entities will be required to adjust their operations within the next six months, meaning before June of next year.
These instructions will apply to new commercial entities starting immediately.
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