BenefitPay transaction numbers up 42% to 161.9m
MANAMA, September 17, 2023
Benefit, Bahrain's leading FinTech and electronic financial transactions services company, has reached a total volume of 161.9 million transactions for all electronic fund transfers (Fawri, Fawri+ and Fawateer) through BenefitPay during the first half of 2023, a 42.4% increase in volume compared to the first half of 2022.
Online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, experienced a 40.8% volume increase, from 121.2 million transactions during the first half of 2022, to 170.7 million transactions in the first half of 2023, the company said.
Benefit recorded a total value of over BD14 million worth of electronic financial transactions during the first half of 2023.
Fawri+ transactions over all channels in the first half of 2023 reached a total value of BD3.6 billion compared to BD3.0 billion in the previous year, a growth of 21.1%. Furthermore, Fawri+ transactions through BenefitPay’s application in the first half of 2023 reached a total value of BD3.3 billion, a growth of 20.6%, compared to BD2.8 billion in the first half of 2022.
Fawri transactions
Fawri transactions over all channels increased by 13.3% as its value in the first half of 2023 exceeded BD10.2 billion, compared to BD9.0 billion during the first half of 2022. Moreover, Fawri experienced a value increase of 17.9% through the BenefitPay application, increasing from BD385.4 million during the first half of 2022, to BD454.6 million in the first half of 2023.
Regarding Fawateer transactions across all channels, the first half of 2023 reported a value of BD469.6 million showcasing a 5.9% increase from the first half of 2022, where the value was BD443.4 million. Fawateer transactions through BenefitPay’s application increased by 38.5%, with a total value of BD125.7 million in the first half of 2023, up from BD90.8 million during the same period of the previous year.
326,494 eKYC verifications
The National electronic Know-Your-Customer (eKYC) platform totalled 326,494 verifications, a 69.9% increase from the first half of 2022.
Furthermore, the Bahrain Credit Reference Bureau operated under 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 19.4% 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, increasing by 13.4%.--TradeArabia News Service
