Bahrain’s BENEFIT posts $53.05bn worth of e-payment transactions in 2021

By Amirtha P S, Desk Reporter
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Bahrain
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Bahrain-based leading fintech and electronic financial transactions service firm, BENEFIT has recorded a huge increase in online payment transactions in 2021, surpassing a value of $53.05 billion. 

Last year, a total of 159,321,294 payments were made through the Electronic Fund Transfer System (EFTS) increased by 164 percent with a total value exceeding $53.05 million in comparison to $42.44  billion in 2020, which is an increase of 26 percent.

Fawri+ transactions totaled 140,580,028 over all channels, increasing by 196 percent and exceeding $1.2 billion in total value in 2021 compared to $60 million in 2020, which is an increase of 97 percent. The transactions over BenefitPay only increased by 109 percent reaching a total value that exceeded $1.1 billion for the year 2021, compared to $520 million for 2020.

A total of 9,629,924 Fawri transactions were made showing an increase of 11 percent, with their total value exceeding $4.14 billion for the year 2021 compared to $3.65 billion for the year 2020, an increase of 14 percent. 

A total of 9,111,342 Fawateer transactions were conducted, which is an increase of 117 percent. Their total value exceeded $174 million for the year 2021 compared to $126 million for the year 2020, an increase of 38 percent.  

Fawateer transactions over BenefitPay increased by 158 percent with a total value exceeding $33.21 million for the year 2021 compared to $16.33 million for the year 2020 which is an increase of 102 percent.

Over all EFTS transactions through the BenefitPay application increased by 111 percent with a total value exceeding $1.31 billion in 2021 versus over $630 million 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 compared 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 percent. 

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 percent.

The Bahrain Credit Reference Bureau, operated by BENEFIT, has issued a total of 264, 271 credit reports during 2021 compared to 264, 824 in 2020. Moreover, in 2021, a total of 34, 407 reports were issued online via Bahrain’s National Portal.

Related: Abu Dhabi entities’ alliance to launch new digital banking platform ‘Wio’


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