BENEFIT surpasses BHD16.4 Billion in Electronic Transactions for H1 2024

TDT | Manama

The Daily Tribune - www.newsofbahrain.com   

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, has reached a total value of 16.4 Billion Bahraini dinars for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) during the first half of 2024, a 14.5% increase in value compared to the first half of 2023.

The online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, experienced substantial growth in the first half of 2024, as witnessed by 25.0% volume increase, from 170.7 Million transactions during the first half of 2023, to 213.4 M transactions in the first half of 2024.

Fawri+ transactions over all channels in the first half of 2024 reached a total value of BHD 4.2 Billion compared to BHD 3.6 Bn in the previous year, a growth of 17.3%.

Furthermore, Fawri+ transactions through BenefitPay’s application in the first half of 2024 reached a total value of BHD 3.9 Bn, a growth of 15.9%, compared to BHD 3.3 Bn in the first half of 2023.

Fawri transactions over all channels increased by 13.5% as its value in the first half of 2024 exceeded BHD 11.6 Billion, compared to BHD 10.2 Bn during the first half of 2023.

Moreover, Fawri experienced a value increase of 19.9% through the BenefitPay application, increasing from BHD 454.6 M during the first half of 2023, to BHD 545.0 M in the first half of 2024.

Regarding Fawateer transactions across all channels, the first half of 2024 reported a value of BHD 548.5 M showcasing a 16.8% increase from the first half of 2023, where the value was BHD 469.6 M.

Fawateer transactions through BenefitPay’s application increased in value by 54.9%, with a total value of BHD 194.6 M in the first half of 2024, up from BHD 125.7 M during the same period of the previous year.

The National electronic Know -Your- Customer (eKYC) platform totaled up to 381,791 verifications, 13.7% increase from the first half of 2023.

Furthermore, the Bahrain Credit Reference Bureau operated under BENEFIT, recorded a total of 251,889 credit report inquiries in the first half of 2024, up from 144,625 credit report inquiries in the first half of 2023, a 74.2% increase.