BENEFIT announces unparalleled growth in payments, transactions via BenefitPay

BENEFIT, the Kingdom’s innovator and leading company in electronic financial transactions, has announced a significant increase in the number of transactions and payments through BenefitPay, the Kingdom’s national electronic wallet, simultaneously with the activation of the Kingdom’s precautionary measures and efforts to limit the spread of the recent Coronavirus outbreak.

BenefitPay has successfully achieved a strong reputation which played a vital role in increasing the demand of users to complete their daily financial transactions, in line with the Kingdom’s efforts to limit the spread of the recent Coronavirus outbreak (COVID-19) in the Kingdom. BenefitPay has seen a significant increase, reaching an astonishing BD 103 million worth of electronic financial transactions through “Fawri+” during the month of March, which is a 1257 % increase in comparison to the previous year, in addition to an increase of 27% in comparison to February 2020. The application has also witnessed a 43% increase in its QR code payment function, as well as an increase in the use of transfers.

 In regards to the “Fawri” electronic financial payments, BENEFIT has witnessed an annual increase of BD 13 million, which is a 407% increase during the month of March 2020, in addition to a monthly growth of 12% in comparison to February 2020. The “Fawateer” service recorded a significant increase of 397% during the month of March 2020, in comparison to March 2019, totalling BD 1.5 million worth of electronic financial transactions.

Commenting on this occasion, Abdulwahed AlJanahi, Chief Executive of BENEFIT, said: “We at BENEFIT, are committed to providing the highest quality of electronic financial payment solutions to our users in the Kingdom. We are extremely pleased to witness this unparalleled growth in transfers and payments made via BenefitPay, and this achievement reflects on BENEFIT’s commitment to meeting and exceeding the needs of our individual users and business owners.

He added: “The remarkable growth of usage of electronic financial payments reflects on the awareness and commitment of our community to take the precautionary measures, reducing paper usage to limit the spread of the Coronavirus. We have also witnessed a large number of businesses and home-businesses that began providing their customers with the option to pay via BenefitPay, ensuring the success of our national team to limit the spread of this pandemic. We would also like to emphasize on the continuation of our efforts at BENEFIT to provide users with an unmatched experience to complete all their financial transactions.

The BenefitPay mobile application is the Kingdom’s national electronic wallet. It distinguishes itself from others due to its ease of use for quick payments and funds transfers, providing users with a wide variety of services, such as “Fawri”, “Fawri+”, and “Fawateer”, enabling users to complete their purchases at upwards of 3000 stores, in addition to paying their electricity, water, telecommunication bills and more.

Since its launch in the Kingdom of Bahrain, BenefitPay has become the most desirable method of payment for over 300,000 users, by offering a variety of features and services.