A growing tendency towards widespread adoption of cutting-edge technology marked the beginning of the restructuring of multiple areas, radically changing business and financial fields. Global digitalization, with other factors contributing to such transformations and the transfer of transaction procedures online has greatly expanded the opportunities for merchants.
The search for a payment gateway Bahrain offers diverse pathways for entrepreneurs to promote businesses and satisfy the needs of their customers. White-label payment gateway platform Akurateco will be a suitable choice, providing the full extent of benefits for web commerce specialists.
Payment Gateway Market in Bahrain
Bahrain’s financial landscape is undergoing changes with rapid development and the introduction of digital payments. According to Statista forecasts, the digital payment market will have a total transaction value of $2,685 million this year. By 2028, it will reach $3,424 million with an average annual growth rate of 6.3%.
The prosperity of the market and the spread of payment gateways in Bahrain complicate the choice of the best one, complementing the consideration of potential options with new stricter requirements.
Specific challenges and complexities in the Bahraini market
Although upgrading the financial services sector in the Kingdom of Bahrain is gaining momentum, there is increasing concern about traditional payment options due to the impact of AI integration and the generation of new technologies. It covers sustainability, security, and other parameters related to local payment services.
The primary goal is maintaining a balance to minimize risks and prevent using these high-tech products for data leaks and other types of fraud by eliminating regulatory gaps and increasing understanding and awareness of payment options. Such measures will prevent global digitalization from disrupting the integrity of the Bahraini financial landscape.
How to launch a payment gateway in Bahrain
If you want to become a payment service provider in Bahrain, there are two main options. The first option you have is to launch a payment gateway independently in Bahrain. This would be a costly endeavor both financially and in terms of time. If you decide to go in this direction, you must first conduct thorough research on the local market landscape and regulatory requirements set by the Central Bank of Bahrain (CBB) and other relevant authorities. This includes understanding the prevalent payment methods, compliance standards such as Payment Card Industry Data Security Standards (PCI DSS) and obtaining the necessary licenses. Next, your team needs to develop a robust payment system needs, tailored to meet the specific needs and preferences of Bahraini consumers and businesses. Collaboration with local financial institutions and establishing secure connections with banks are also essential for seamless transaction processing. Afterward, rigorous testing and quality assurance measures should be undertaken to ensure the reliability and security of the payment gateway. Once developed, the payment gateway can be launched in the Bahraini market, accompanied by effective marketing strategies to attract users and build trust.
Alternatively, launching a payment gateway in Bahrain can be expedited by opting for a white-label payment solution. This approach involves partnering with a reputable white-label provider with experience in the Bahraini market, such as Akurateco, to utilize its pre-built payment gateway system. The white-label solution should already comply with local regulations and security standards, minimizing the burden of navigating complex licensing processes. Customization options allow for branding the payment gateway under the business’s identity, offering a quicker time-to-market. By leveraging a white-label payment gateway, businesses can focus on customer acquisition and growth initiatives while benefiting from a proven and reliable payment infrastructure.
Features of Akurateco Payment Solutions
Akurateco is a white-label payment gateway with innovative payment technologies for payment service providers and merchants worldwide. Its payment services will take your business to the next level, offering secure digital payments and multiple features tailored to the Bahraini market.
Payment Flow Tracking
PSPs and merchants can unlock the many additional benefits of Akurateco by using payment data analytics services that provide constant awareness of the payment flow. Tracking transaction details on the payment dashboard (i.e. customers’ geography, payment preferences, sales trends, etc.), in-depth real-time payment flow analysis, and other features will benefit business promotion, inviting web commerce specialists to develop data-driven strategies.
Intelligent Routing and Cascading
The newest payment technology offers different ways to achieve higher conversion rates, routing each transaction to the most suitable channel and optimizing conversion rates. The declined transaction distribution provided by cascading technology will allow merchants to reduce the decline rate and resolve current payment processing issues.
Payment Fraud Prevention
Akurateco’s cutting-edge fraud management system allows merchants to minimize risks by identifying, analyzing, and preventing fraudulent transactions. The built-in anti-fraud filters help ensure transaction legitimacy and safeguard revenue.
Bahrain payment methods
Akurateco has over 350 banks and payment providers integrated into the platform. Of them, multiple Bahrain payment methods are available to conclude transactions with the ability to select the most advantageous one for customers. We can also develop new integrations at the customer’s request.
BenefitPay
This card-based Bahraini payment option is at the top of the methods available in the country, with the ability to make online payments anytime, anywhere, featuring world-class security and safety measures. The BenefitPay application will allow customers to make lightning-fast purchases through QR code scanning and authentication.
Paytap
A respectful payment platform is the preferred choice, allowing 4,000+ independent businesses of multiple scales to take payments from anywhere. With a range of benefits, web commerce card payment terminals ensure fast and safe transactions. A pay-by-link feature is an example of available options that are convenient both for businesses and their customers. Learn more about Paytap in our dedicated article.
stc pay
A digital wallet is a widespread payment method characterized by reliability and features such as money analytics, marketplace, innovative business solutions, etc. Ensuring the highest security of transactions, stc pay offers seamless local and international transfers. Check out in-depth information about stc pay here.
CrediMax
Trusted Bahraini credit card issuer occupies a leading position among companies selling a set of fast services. CrediMax’s mobile application has multiple features, providing secure and convenient transactions for customers with available payment options.
Best Payment Gateways in Bahrain
The rapid creation and implementation of fintech developments have made it more complicated to consider payment gateway providers in Bahrain, reflected in the expanding list of evaluation criteria and the tireless generation of web commerce solutions. However, many possible variations are still ready to offer beneficial services for merchants and find the most suitable payment gateway Bahrain for business promotion.
- Telr: Telr is a popular payment gateway Bahrain, available in over 30 languages and suitable for businesses of all sizes. Its services and features aim to protect and increase revenue with the best solutions. Find out more about Telr here.
- Paytap: Paytap is another leading Bahrain payment gateway, which is distinguished by security and flawless when it comes to e-commerce solutions. Global scale, instant digital payments, 24/7 support service, and powerful tools for business promotion are just some of the reasons for merchants to pay attention to this platform. Learn more about Paytap in the article.
- PayTabs: PayTabs, a payment gateway Bahrain, is also worth attention. It offers payment orchestration solutions to manage businesses online, satisfying the needs of their customers and boosting the transaction success rate. The platform is a pioneer in the fintech industry with innovative services.
- CCAvenue: CCAvenue is perfect for those seeking a trusted payment gateway in Bahrain with increased security and cutting-edge tools. Among the many features are more than 200 payment options, fast and safe checkout, intelligent routing, mobile integration, etc., offering multiple ways for e-commerce specialists.
Integration of an online payment gateway in Bahrain with Akurateco
By choosing Akurateco to promote a business, merchants can access over 300 banks and payment providers, including popular payment gateways in Bahrain. Integrating with the payment orchestration platform, web commerce specialists will open up many ways to satisfy the needs of their customers. Connection with many suitable payment methods and gateways is available in one single integration.
FAQ
What is online payment gateway?
Payment gateway is a fintech solution for businesses to process secure digital payments. To find the best payment gateway in Bahrain, tracking the presence of all significant options and compliance with established requirements is necessary.
Does Akurateco support local payment methods in Bahrain?
Akurateco offers connections with a variety of payment methods and gateways in one integration. Many of them are available for local and international money transfers in Bahrain.
What are the benefits of using the Akurateco payment solution for businesses in Bahrain?
Choosing Akurateco can help you increase transaction approvals, enhance payment fraud prevention, save on processing costs, etc. Intelligent routing and cascading, comprehensive data analysis, tokenization, mobile SDKs, and other powerful tools are available to satisfy your customers’ needs.
