BenefitPay transactions surge by 22pc in 2024

Benefit, the national electronic financial transactions provider and fintech innovator, has announced a significant 22 per cent surge in BenefitPay transactions for 2024, reaching a total volume of 421 million.

BenefitPay is a secure mobile payment app enabling users in Bahrain to pay for various services and products using their smartphones, eliminating the need for cash or cards.

This increase in electronic fund transfers (Fawri, Fawri+, and Fawateer) underscores Benefit’s pivotal role in the kingdom’s rapidly evolving digital financial landscape.

Fawri+ is an instant, low-value payment service which allows individuals or entities to transfer funds of up to BD1,000 per day in less than 30 seconds; whereas Fawri caters to same-day or future-dated transfers, handling both small and large value payments on working days.

Fawateer is the electronic bill presentment and payment system that allows bank account holders to settle bills from both online and offline billers.

The overall value of Electronic Fund Transfer System (EFTS) transactions across all channels reached BD33 billion in 2024, a 14pc rise from BD29bn in 2023. Fawri+ transactions witnessed remarkable growth, nearing 420m, a 26pc year-on-year increase, with a corresponding 17pc rise in value to almost BD9bn. Notably, Fawri+ transactions via the BenefitPay app grew by 22.88pc, totalling almost 410m.

Fawri transactions also saw a 6pc increase, exceeding 13m in 2024, with a 14pc rise in value to over BD23.6bn, compared to BD20.7bn in 2023. While Fawateer transactions experienced a slight 1pc dip to nearly 13m, their total value increased by 17pc to approximately BD1.2bn, up from BD989.2m in 2023.

Benefit’s national electronic Know-Your-Customer (eKYC) platform facilitated over 790,500 verifications in 2024, a 6.3pc increase from 2023. Credit report inquiries at the Bahrain Credit Reference Bureau, operated by Benefit, surged by 52.1pc to more than 521,000, with total customer credit report requests and inquiries reaching 543,000.

Benefit’s 2024 achievements also include the ‘WITSA Global Innovation & Tech Excellence Award’ and recognition as a ‘Great Place To Work’.

Source: https://www.gdnonline.com/Details/1345193