By Avinash Saxena
Benefit, the operator of Bahrain’s national electronic fund transfer system (EFTS), has reported a massive increase in online payment transactions in 2021 from an accelerated adoption of e-commerce in the wake of the pandemic.
Payments through the EFTS surged by 164 per cent in volume year-on-year (YoY), with their total value exceeding BD20 billion in 2021, a jump of 26pc from BD16bn in 2019.
Transactions using the Fawri+ service, which allows individuals or entities to transfer funds of up to BD1,000 per day in less than 30 seconds, totalled 140,580,028 over all channels, increasing by 196pc YoY and exceeded BD4.4 billion in total value in 2021 compared with BD2.2bn in 2020, which is an increase of 97pc.
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