Manama, Bahrain: Recently awarded as the Fastest Growing Electronic Payment Solution; BENEFIT shares strong growth results for the end of the year for all its various services on the application. BenefitPay recorded 300K registered users, over 2,300 merchants with overall transactions of 6 million, by the end of 2019. The leader in seamless payments witnessed continues to reserve its position as a pioneer in the industry and set a powerful benchmark for online payments providers.
BENEFIT recorded 15.39 million for Electronic Fund Transfer System (EFTS) transactions over all channels volume which was an 82% increase from 2018. The total value of EFTS over all channels increased by 18% reaching BD 13.55 billion in 2019.
The total Fawri across all channels volume increased by 21% to 7 million with a total value of approximately BD12.73 billion in 2019. Fawri+ witnessed an increase of 557% across all channels, totaling 6.30 million transactions in 2019, increasing from BD 174.73 million in 2018 to BD 542.46 million in 2019.
Fawri+ BenefitPay showed the highest increase of 2712% in volume, where the value of payments has reached BD 328.12 million in 2019 with a 2210% growth rate versus BD 14.20 million in 2018.
BENEFIT added more billers to the Fawateer service, providing real time and offline bill payment, and direct debit from 110 in 2018 to 236 in 2019, showing a significant 115% increase in growth. Additionally, Fawateer witnessed an increase in volume from 1.66 million in 2018 to 1.99 million in 2019, with a growth rate of 20%, valued at BD 281.89 million in 2019 compared to BD 133.12 million in 2018.
Commenting on this occasion, Abdulwahed AlJanahi, Chief Executive of BENEFIT, said: “We at BENEFIT are extremely proud of the significant achievements that were achieved during 2019. The announced figures highly reflect on the success of our platform, catering to consumers in a variety of ways. As a team, we will rise higher and embrace our commitment to continue in the path of innovation to achieve more in 2020.”
BENEFIT, www.benefit.bh was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the Central Bank of Bahrain (CBB), to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the region.
BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Bahrain Credit Reference Bureau (BCRB),Electronic Fund Transfer System(EFTS), Payment Gateway (PG), Bahrain Cheque Transaction System (BCTS), national e-Wallet BenefitPay ,national Know Your Customer Electronic Platform (E-KYC) and Telecom Bill Payment (Tele BP).
© Press Release 2020