MANAMA: Bahrain-based Global Payment Services (GPS) is working on a tokenisation service that would secure future mobile payments such as e-wallet, Apple Pay, Samsung Pay and others as well as instant card issuance, it has emerged.
This was revealed by the company’s general manager Ali Arab during an event organised by GPS at Four Seasons Hotel Bahrain Bay yesterday, in the presence of Electricity and Water Affairs Minister Dr Abdulhussain Mirza and Central Bank of Bahrain executive director Khalid Hamad.
Tokenisation is a process adding an extra layer of security protecting sensitive data to prevent credit card fraud. It enables payment without actual bank details being exposed.
Established in 2004, GPS is a regional leader in outsourced electronic payment processing and is licensed by the Central Bank of Bahrain, Visa, MasterCard, JCB and UPI as a third-party service provider.
The company is a joint venture between Credimax, Morocco-based Hightech Payment Systems (HPS) and Bahrain Islamic Bank.
Addressing a gathering of more than 100 banking and finance leaders, Mr Arab said by year-end GPS will inaugurate new premises in the Seef District consolidating all of its operations in a one-stop-shop.
“This will meet all of our customer requirements and the expansion and growth that we are pursuing in existing and new regional markets,” he added.
The event opened with GPS chairman Yousif Ali Mirza talking about its three-year strategy that focuses on further regional expansion and the introduction of new payment technologies to make “banking a seamless experience for customers”.
“The success that GPS has enjoyed over the past 14 years has been a result of the close relationships and co-operation with those we serve, the backing of our shareholders and the support we have received from the Central Bank of
Bahrain with its strong regulatory backbone and future ready policy framework for the banking and financial sector,” he added.
“We are fully aligned with the needs and developments shaping all of our stakeholders and to underscore GPS’ unwavering commitment to delivering the most high-tech, reliable and cost efficient processing services available in the market.”
The keynote speech was delivered by HPS founder, chairman and chief executive Mohamed Horani, who is the architect of PowerCARD multi-channel payment software used by more than 400 institutions in over 90 countries. He discussed the current state of payment services and its future development needs.