BENEFIT reports BD 12.5 billion worth e-transactions in H1 2022

TDT | Manama                                                                 

The Daily Tribune – www.newsofbahrain.com

BENEFIT, a leading company in Fintech and electronic financial transactions service, announced recording a total volume of 113.7 million for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay during the first half of 2022.

This is a 92% increase in volume compared to the first half of 2021. The online payments under the Electronic Fund Transfer System, consisting of Fawri+, Fawri and Fawateer, is continuing to see significant growth during the first half of 2022, as demonstrated by the volume increase of 85%. Total volume increased from 65.7 in the first half of 2021 to 121.3 m in H1 2022.

The volume of payments using Fawri+ is 55.8 m compared to 108.7 m in the first half of 2022, a growth of 95%.  Fawri+ transactions over all channels soared by 50%, with a total value of over BD 2.9 billion in H1, increasing from BD 1.9 bn in H1 2021.

Fawri+ transactions through BenefitPay’s application reached a total value of approximately BD 2.7 bn, in comparison to approximately BD 1.8 bn in the first half of 2021, a growth of 51%.  Fawri transactions over all channels increased by 23% as their value in the first half of 2022 exceeded BD 9 bn, compared to approximately BD 7 bn during the first half of 2021.

Furthermore, the fund transfer service has gained a total value of around BD 385 m in the first half of 2022, through the BenefitPay application, compared to around BD 250 m in the first half of 2021, showing an increase of 54%. 

As for Fawateer transactions over all channels, there has been an increase of 44%, with their total value in the first half of 2022 exceeding BD 443 m, up from over BD 308 m in the first half of 2021. Fawateer transactions through the BenefitPay application reached a total value exceeding BD 90 m, a significant increase of 71% from the first half of 2021’s total value of approximately BD 53 m. 

The electronic Know Your Customer (eKYC) platform totalled up to 212,663 verifications during the first half of 2022, in comparison to 73,586 verifications in the first half of 2021, demonstrating a 189% increase. 

Furthermore, the Bahrain Credit Reference Bureau (BCRB) operated under BENEFIT, issued a total of 127,143 credit reports in the first half of 2022, up from 119,022 credit reports in the first half of 2021, a 6.8% increase.