Benefit records 164pc jump in Bahrain e-payment transactions
MANAMA, February 12, 2022
Benefit, a key innovator and leading Bahrain company involved in fintech and electronic financial transactions services, has announced a massive 164% increase of online payment transactions in 2021.
A total of 159.3 million e-payment transactions were made through the Electronic Fund Transfer System (EFTS) with the total value surging by 26% to BD20 billion compared to BD16 billion in 2020.
Fawri + transactions totaled 140,580,028 over all channels, increasing by 196% and exceeded BD4.4 billion in total value in 2021 compared to BD2.2 billion the year before, which is an increase of 97%.
Fawri + transactions over BenefitPay only increased by 109% reaching a total value that exceeded BD4.1 billion compared to BD1.9 billion for 2020.
According to Benefit, a total of 9,629,924 Fawri transactions were made showing an increase of 11%, with their total value exceeding BD15.2 billion for the year 2021 compared to BD13.4 billion for the year 2020, an increase of 14%.
A total of 9,111,342 Fawateer transactions were conducted, which is an increase of 117%. Their total value exceeded 640 million Bahraini Dinars for the year 2021 compared to 463 million Bahraini Dinars for the year 2020, an increase of 38%.
Fawateer transactions over BenefitPay increased by 158% with a total value exceeding BD122 million for the year 2021 compared to BD60 million for the year 2020 which is an increase of 102%.
Over All Electronic Fund Transfer System (EFTS) transactions through the “BenefitPay” application increased by 111% with a total value exceeding BD4.8 billion in 2021 versus over BD2.3 billion in 2020.
By the end of 2021, BenefitPay users totaled up to 860,000 compared to the 688,000 at the end of 2020. The total QR payment transactions jumped to exceed 3.6 million transactions in 2021 comparing to 1.2 million in 2020.
Fuel payment transactions' volume reached more than 5.5 million for the year 2021 compared to 2.3 million for the year 2020, showing an increase of 134%.
The National Digital identity and the electronic Know-Your-Customer (eKYC) platform totaled up to 204,277 eKYC verifications in 2021 in comparison to 73,067 verifications in 2020, showing an increase of 180%. There are a total of 277,294 eKYC transactions up to date.-TradeArabia News Service
