Card payments in Bahrain jump 32% during F1 Week

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The recently concluded 2022 F1 Gulf Air Bahrain Grand Prix contributed to a significant increase in the volume and value of electronic payments, recorded on the AFS processing platforms across Bahrain.

Samer Soliman, the CEO of Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, commented: “The Bahrain Grand Prix is the highlight of the country’s financial calendar, leading to a great influx of tourists and increased local spending, as indicated by the AFS Transaction Index.

AFS is proud to be a pivotal player in facilitating the country’s robust digital payments ecosystem.” The AFS Transaction Index shows significantly increased transactions across the AFS processing platform from nationals of KSA, USA, Kuwait, UAE, and up by over 50% on cardholders from India (59%), Singapore (57%), Canada (52%), and the United Kingdom (50%).

AFS said its merchant partners benefitted from a substantial increase in transaction value across all major sectors: family entertainment (up 65%), hotels (up 39%), restaurants (up 34%), fashion retail (up 29%) and supermarkets (up 26%).

Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous ground-breaking end-to-end digital payment services and solutions. These span debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of advanced value-added services.