Damen Partners With BKN301 to Implement NFC Payments Into Digital Wallet for Bills

Middle Eastern electronic payment company, Damen, and BKN301 Group, the London-based digital payments and Banking-as-a-Service provider for the MENA region, have joined forces to implement a new feature for paying gas bills using NFC technology into the ‘Damen Cash’ app.

This functionality was officially integrated during Seamless North Africa, where BKN301 Group and Damen revealed plans to address the growing demand for personalised financial solutions. By integrating a new NFC bill payment feature into its app, Damen aims to enhance user convenience and security.

The latest app enhancement comes as the fintech market grows rapidly in the Middle East and Africa (MEA). Estimates suggest the MEA fintech market will reach a valuation exceeding $47billion by 2029, expanding at a compound annual growth rate of 21.42 per cent from 2024 to 2029.

Sameh Elmallah, CEO of Damen, commented: “Damen’s partnership with BKN301 Group underscores our shared vision and commitment to driving innovation and financial inclusion in the MENA region. ‘Damen Cash’ app, with its newly integrated NFC technology, represents a significant step forward in providing convenient and accessible digital payment solutions. By showcasing our collaboration at Seamless North Africa 2024, we aim to inspire innovation, drive digital adoption, and empower individuals and businesses across the region.”

Supporting the unbanked 

At Seamless North Africa, BKN301 and Dame interacted with visitors on embedded finance and its integration into various services, innovations aimed at increasing financial inclusion, and advancements in digital banking.

Stiven Muccioli, founder and CEO of BKN301

Stiven Muccioli, founder and CEO of BKN301, said: “We are proud to take a significant step forward in enhancing the ‘Damen Cash’ app, a move that not only advances the fintech sector in the MENA region, but also deepens our valued partnership with Damen, while reflecting our genuine commitment to improving financial services in the region.

“Our active participation in events like Seamless North Africa 2024 not only showcases our innovation, but also highlights our dedication to revolutionising the fintech landscape in the MENA region and establishing a strong presence in the vibrant Egyptian market. At BKN301, we are passionate about driving financial inclusion and fostering innovation, especially for the unbanked segments. We are excited to continue working towards a more inclusive financial future for everyone with Damen and other clients.”

BKN301 and Dame also emphasise the importance of enhancing cybersecurity, open banking APIs, and the role of Web 3.0 and eKYC in improving security and customer experience. Additionally, they highlighted the shift towards a cashless economy, focusing on contactless payments and merchant solutions that support financial inclusion and SMEs.

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