BENEFIT records BD20 billion worth online transactions in 2021

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

BENEFIT, a leading Fintech company and electronic financial transactions services provider, announced a massive jump in online payment transactions in 2021.

A total of 159,321,294 payments were made through the Electronic Fund Transfer System (EFTS) increasing by 164%, with the total value exceeding 20 billion Bahraini Dinars for the year 2021, in comparison to 16 billion Bahraini dinars in 2020, which is an increase of 26%. Fawri + transactions totalled 140,580,028 over all channels, up by 196% and exceeded 4.4 billion Bahraini Dinars in total value in 2021 compared to 2.2 bn Bahraini Dinars in 2020, which is an increase of 97%.

Fawri + transactions over BenefitPay rose by 109%, reaching a total value that exceeded 4.1 bn Bahraini Dinars for 2021, compared to 1.9 bn Bahraini Dinars For 2020. A

total of 9,629,924 Fawri transactions record an increase of 11%, with their total value exceeding 15.2 bn Bahraini Dinars for the year 2021 compared to 13.4 bn Bahraini Dinars for the year 2020, an increase of 14% A total of 9,111,342 Fawateer transactions were conducted, which is an increase of 117%. Their total value exceeded 640 million Bahraini Dinars for 2021 compared to 463 m Bahraini Dinars for 2020, an increase of 38%.

Fawateer transactions over BenefitPay increased by 158%, with a total value exceeding 122 m Bahraini Dinars for 2021 compared to 60 m Bahraini Dinars for 2020, an increase of 102%. Over All Electronic Fund Transfer System (EFTS) transactions through the “BenefitPay” application increased by 111%, with a total value exceeding 4.8 bn Bahraini Dinars in 2021 versus over 2.3 bn Bahraini Dinars in 2020 By the end of 2021, BenefitPay users totalled up to 860K compared to the 688K at the end of 2020.

The total QR payment transactions jumped to exceed 3.6M transactions in 2021, compared to 1.2 m in 2020 Fuel payment transactions’ volume reached more than 5.5 m for the year 2021 compared to 2.3 m for the year 2020, showing an increase of 134%.

The National Digital identity and the electronic Know-Your-Customer (eKYC) platform totalled up to 204,277 eKYC verifications in 2021 in comparison to 73,067 verifications in 2020, showing an increase of 180%.

There are a total of 277,294 eKYC transactions up to date. 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 the Kingdom of Bahrain’s National Portal (Bahrain.BH).