BENEFIT reports over BD14 billion worth eTransactions in H1 2023

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

BENEFIT an - nounced reaching a total volume of  161.9 Million transactions for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay during the first half of 2023, a 42.4% increase in volume compared to the first half of 2022. 

The online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, experienced substantial growth in the first half of 2023, as witnessed by a 40.8% volume increase, from  121.2m  transactions during the first half of 2022, to 170.7m transactions in the first half of 2023. 

Fawri+ transactions over all channels in the first half of 2023 reached a total value of BHD 3.6 Billion compared to BHD 3.0bn in the previous year, a growth of 21.1%.

Furthermore, Fawri+ transactions through BenefitPay’s application in the first half of 2023 reached a total value of BHD 3.3bn, a growth of 20.6%, compared to BHD 2.8bn in the first half of 2022. 

Fawri transactions over all channels increased by 13.3% as its value in the first half of 2023 exceeded BHD 10.2bn, compared to BHD 9.0bn during the first half of 2022.

Moreover, Fawri experienced a value increase of 17.9% through the BenefitPay application, increasing from BHD 385.4m during the first half of 2022, to BHD 454.6m in the first half of 2023. 

Regarding Fawateer transactions across all channels, the first half of 2023 reported a value of BHD 469.6m showcasing a 5.9% increase from the first half of 2022, where the value was BHD 443.4m. 

Fawateer transactions through BenefitPay’s application increased by 38.5%, with a total value of BHD 125.7m in the first half of 2023, up from BHD 90.8m during the same period of the previous year.

The National electronic Know-Your- Customer (eKYC) platform totalled up to 326,494 verifications, a 69.9% increase from the first half of 2022.

Furthermore, the Bahrain Credit Reference Bureau operated under BENEFIT, issued a total of 9,172 credit reports in the first half of 2023, up from 7,680 credit reports in the first half of 2022, a 19.4% increase.

Credit Report Inquiries also increased to 135,453 in the first half of 2023 up from 119,492 in the first half of 2022, increasing by 13.4%.