Cashless transactions increase by 45% in Bahrain

By on April 14, 2022 0

MANAMA: Cashless transactions in Bahrain jumped 45% to BD 341.6 million last month compared to the same month of 2021, data from the Central Bank of Bahrain (CBB) reveals.

There were nearly 14 million point-of-sale (PoS) and e-commerce transactions in Bahrain last month, 73.6% of which were contactless, the banking regulator said.

The figures reflect the trend across the rest of the GCC, which is currently seeing a regional increase in online and digital payments as countries accelerate their transition to cashless societies in the wake of the pandemic.

The highest number of transactions last month were at restaurants (4,652,872), followed by supermarkets (3,225,515), health services (859,632), government services (774,008) and department stores (658,084).

In terms of value, government services at BD 84.2 million led the top five sectors, followed by supermarkets at BD 38.5 million, followed by restaurants (BD 36.5 million), hotels and shopping centers resorts (19.3 million BD) and car dealerships (16.4 million BD). ).

The infographic shows that electronic funds transfers in the kingdom increased in March 2022, extending the upward trend to more than fifteen months.

Transactions using the Fawri, Fawri+ and Fawateer services, enabled by the Electronic Funds Transfer System (EFTS), continue to experience substantial growth.

Fawri+ is a near real-time money transfer service that allows individuals or entities to transfer funds up to 1,000 BD per day in less than 30 seconds; while Fawri is a deferred settlement money transfer service that allows individuals or entities to transfer any amount within hours of a business day, and Fawateer provides real-time bill payments.

Last month, Fawri+ accounted for the vast majority (90.9pc) of EFTS transactions, followed by Fawateer at 4.7pc and Fawri at 4.4pc.

However, in terms of transaction value, Fawri was the leader at 74%, followed by Fawri+ at 23.1% and Fawateer at 2.9%.

The number of transactions made through Fawri+ in March 2022 stood at 19,447,799, up 97.76% from March 2021.

In terms of value, Fawri+ transactions amounted to 530 million BD last month, up 51.08% from the same month last year.

As for Fawri, the number of transactions increased by 20.63% to 942,818 compared to the same month last year.

Transactions made through the Fawateer service amounted to 1,004,574 by more than 43.45% than in March 2021.

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