Benefit EFTS transactions reach BD14bn in first half

Benefit, the operator of the national electronic fund transfer system (EFTS), has reported transaction growth and digital service adoption in the first half of 2023, reflecting the increasing demand for electronic payment and financial services in Bahrain.

The company reported a 42.4 per cent increase in electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through the BenefitPay national e-wallet during the first half of 2023, reaching a total volume of 161.9 million transactions.

Online payments under the EFTS experienced substantial growth in the first half of 2023, with a 40.8pc volume increase, from 121.2m transactions in the first half of 2022 to 170.7m transactions in the first half of 2023.

Fawri+ is an almost real-time fund transfer service which allows individuals or entities to transfer funds of up to BD1,000 per day in less than 30 seconds; whereas Fawri is a deferred settlement fund transfer service which allows individuals or entities to transfer any amount within a few hours of the business day, and Fawateer provides real-time bill payments.

Fawri+ transfer payments over all channels in the first half of 2023 reached a total value of BD3.6 billion, up from BD3bn in the previous year, a growth of 21.1pc.

Fawri+ transactions through BenefitPay also grew by 20.6pc in the first half of 2023, reaching a total value of BD3.3bn.

Fawri transfer payments over all channels increased by 13.3pc in the first half of 2023, reaching a total value of BD10.2bn, compared to BD9bn in the first half of 2022.

Fawri transactions through BenefitPay also experienced a value increase of 17.9pc in the first half of 2023, increasing from BD385.4m to BD454.6m.

Fawateer payments across all channels reached a total value of BD469.6m in the first half of 2023, a 5.9pc increase from the first half of 2022.

Fawateer transactions through BenefitPay increased by 38.5pc in the first half of 2023, reaching a total value of BD125.7m.

In addition to transaction growth, Benefit also reported a significant increase in the use of its digital services.

The National electronic Know-Your-Customer (eKYC) platform totalled up to 326,494 verifications in the first half of 2023, a 69.9pc increase from the first half of 2022.

The Bahrain Credit Reference Bureau, operated by Benefit, issued a total of 9,172 credit reports in the first half of 2023, up from 7,680 credit reports in the first half of 2022, a 19.4pc increase.

Credit report inquiries also increased to 135,453 in the first half of 2023, up from 119,492 in the first half of 2022, a 13.4pc increase.

Source: https://www.gdnonline.com/Details/1291933