The volume of payments through the Electronic Fund Transfer System (EFTS) increased by 164% in 2021
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, announces massive increase of 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 totaled 140,580,028 over all channels, increasing by 196% and exceeded 4.4 billion Bahraini Dinars in total value in 2021 compared to 2.2 billion Bahraini Dinars in 2020, which is an increase of 97%. Fawri + transactions over BenefitPay only increased by 109% reaching a total value that exceeded 4.1 billion Bahraini Dinars for the year 2021, compared to 1.9 billion Bahraini Dinars For 2020.
A total of 9,629,924 Fawri transactions were made showing an increase of 11%, with their total value exceeding 15.2 billion Bahraini Dinars for the year 2021 compared to 13.4 billion 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 the year 2021 compared to 463 million Bahraini Dinars for the year 2020, an increase of 38%. Fawateer transactions over BenefitPay increased by 158% with a total value exceeding 122 million Bahraini Dinars for the year 2021 compared to 60 million Bahraini Dinars for the year 2020 which is 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 billion Bahraini Dinars in 2021 versus over 2.3 billion Bahraini Dinars in 2020
By the end of 2021, BenefitPay users totaled 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 comparing to 1.2 M in 2020
Fuel payment transactions’ volume reached more than 5.5 Million for the year 2021 compared to 2.3 Million for the year 2020, showing an increase of 134%.
The National Digital identity and the electronic Know-Your-Customer (eKYC) platform totaled 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).