BENEFIT reaches 10 bn Bahraini Dinars worth of electronic transactions

By Leandra Monteiro

BENEFIT, the Kingdom’s innovator and one of the leading company in FinTech and electronic financial transactions services, announces massive increase in growth volume of 560% for online payment transactions in the first half of 2021 in comparison to the first half of 2020.

The volume of payments made through the Electronic Fund Transfer System (EFTS) in the first half of 2020 was 18,860,552 which has increased to 65,370,66 in the first half of 2021 showing a growth by 560%. The total value of EFTS transaction exceeded 9 billion Bahraini dinars in the first half of the year 2021 in comparison to 7 billion Bahraini dinars in the first half of 2020 which is an increase of 196%.

The total payments value in the EFTS via the “BenefitPay” application, reached 2 billion in the first half of 2021 versus 786 million Bahraini Dinars in the first half of 2020 showing an increase of over 150%.

Overall Fawri + transactions increased by 147% and exceeded 1 billion Dinars in total value in the first half of 2021 compared to around 797 million Bahraini Dinars in first half of 2020. Fawri+ transactions through the “BenefitPay” application increased by 193% reaching a total value of almost 2 billion Bahraini Dinars for first half of 2021 compared to 683 million Bahraini Dinars in the first half of 2020.

Fawri’s transactions increased by 8%, as their total value exceeded 7 billion Bahraini Dinars for the first half of 2021 in comparison to 6.8 billion Bahraini Dinars for the first half of 2020. Fawri’s transactions through the “BenefitPay” application total value reached 250 million Bahraini Dinars for the first half of 2021 compared to about 85 million Bahraini Dinars for the first half of 2020.

Fawateer transactions increased by 40%, as their total value reached 308 million Bahraini Dinars through the first half of 2021, compared to 219 million Bahraini Dinars for the first half of 2020.  Fawateer transactions through the “Benefit Pay” application doubled, showing an increase of 194% as their total value reached 53 million Bahraini Dinars for the first half of 2021 compared to approximately 18 million Bahraini Dinars for the first half of 2020.

The National Digital identity and the electronic Know-Your-Customer (eKYC) platform totalled up to about 73,000 eKYC verifications for the first half of 2021 in comparison 20,000 verifications for the first half of 2020.