Bahrain GP contributes to rise in e-payments

The recently concluded Formula 1 Gulf Air Bahrain Grand Prix 2022 contributed to a significant increase in the volume and value of electronic payments, recorded on the AFS processing platforms across the kingdom.

Samer Soliman, the chief executive of Arab Financial Services (AFS), a regional digital payment solutions provider and fintech enabler, commented: “The 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 Saudi Arabia, USA, Kuwait, UAE, and up by over 50pc by cardholders from India (59pc), Singapore (57pc), Canada (52pc), and the United Kingdom (50pc).

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

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