BENEFIT, a leading fintech and financial transactions service in Bahrain, has reached a total volume of 113.7 million for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay in the first half of 2022.

This marks a 92% increase in volume compared to the first half of 2021.

The online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, is continuing to see significant growth during the first half of 2022, as demonstrated by the volume increase of 85%, as the total volume increased from  65.7 in the first half of 2021 to 121.3 million in the first half of 2022.

The volume of payments made in the first half of 2021 using Fawri+ is 55.8 million compared to 108.7 million in the first half of 2022, a growth of 95%.

Fawri+ transactions over all channels soared by 50%, with a total value of over BD2.9 billion ($7.64 billion) in the first half of 2022, increasing from BD1.9 billion in the first half of 2021. Fawri+ transactions through BenefitPay’s application in the first half of 2022 reached a total value of approximately BD2.7 billion, in comparison to approximately BD1.8 billion in the first half of 2021, a growth of 51%.

Fawri transactions over all channels increased by 23% as their value in the first half of 2022 exceeded BD9 billion, compared to approximately BD7 billion during the first half of 2021. Furthermore, the fund transfer service has gained a total value of around BD385 million in the first half of 2022, through the BenefitPay application, compared to around BD250 million in the first half of 2021, showing an increase of 54%.

As for Fawateer transactions over all channels, there has been an increase of 44%, with their total value in the first half of 2022 exceeding BD443 million, up from over BD308 million in the first half of 2021. Fawateer transactions through the BenefitPay application reached a total value exceeding BD90 million, a significant increase of 71% from the first half of 2021’s total value of approximately BD53 million.

The electronic Know Your Customer (eKYC) platform totalled up to 212,663 verifications during the first half of 2022, in comparison to 73,586 verifications in the first half of 2021, demonstrating a 189% increase.

Furthermore, the Bahrain Credit Reference Bureau (BCRB) operated under BENEFIT, issued a total of 127,143 credit reports in the first half of 2022, up from 119,022 credit reports in the first half of 2021, a 6.8% increase. – TradeArabia News Service