NFC Technology Powers Gas Bill Payments on Damen Cash App

Damen, an electronic payments and digital transactions solution provider, has teamed up with BKN301 Group, a London-based provider of digital payments and Banking-as-a-Service in the MENA region, to enhance its ‘Damen Cash’ app with a new NFC payment feature. This innovation was officially introduced at the recent Seamless North Africa 2024 event, underscoring the firms’ long-standing partnership and dedication to advancing fintech solutions.

The new NFC payment capability allows users to pay gas bills directly through the ‘Damen Cash’ app, marking a significant leap in digital convenience. This update comes as the fintech market in the Middle East and Africa (MEA) is poised to reach a valuation of USD 47.68 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.42% from 2024 to 2029. The addition of NFC payments aligns with the growing demand for personalized financial solutions and supports the region’s broader digital transformation trends.

Stiven Muccioli, Founder and CEO of BKN301 Group, stated, “We are excited to advance the ‘Damen Cash’ app with NFC technology, enhancing the fintech landscape in the MENA region. This move reflects our commitment to innovation and deepens our valuable partnership with Damen. Our presence at Seamless North Africa 2024 highlights our dedication to revolutionizing financial services and fostering financial inclusion, particularly for unbanked segments. We look forward to collaborating with Damen and other partners to drive a more inclusive financial future.”

Sameh Elmallah, CEO of Damen, added, “Our collaboration with BKN301 Group reflects our shared vision to drive innovation and financial inclusion in the MENA region. The introduction of NFC technology in the ‘Damen Cash’ app marks a significant advancement in digital payment solutions. Showcasing our work at Seamless North Africa 2024, we aim to inspire digital adoption and empower individuals and businesses across the region.”

At Seamless North Africa, BKN301 Group and Damen engaged with attendees on key financial trends, including embedded finance, innovations for financial inclusion, and advancements in digital banking. They also emphasized the importance of cybersecurity, open banking APIs, and the role of Web 3.0 and eKYC in enhancing security and customer experience. The event also spotlighted the shift towards a cashless economy, with a focus on contactless payments and merchant solutions that support SMEs and financial inclusion.

As the fintech landscape evolves, BKN301 Group and Damen remain at the forefront of digital payment solutions, continuing to drive positive change in the financial sector.