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Manama, Bahrain: BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services announces massive increase of online payment transactions in 2020. The rate of making payments through the Electronic Fund Transfer System (EFTS) increased by 292% with the total value exceeding 16 billion Bahraini dinars for the year 2020 in comparison to 13 billion Bahraini dinars in 2019, which is an increase of 19%.
Payments through the Electronic Fund Transfer System (EFTS) via the “Benefit Pay” application; which was awarded the most Innovative e-Payment Product last year increased by 794%, with the total value exceeding 2.3 billion Bahraini Dinars in 2020 versus 360 million Bahraini Dinars in 2019 showing an increase of 539%.
Fawri + transactions increased by 652% and exceeded 2.2 billion Bahraini Dinars in total value in 2020 compared to about 542 million Bahraini Dinars in 2019, which is an increase of 314%. Fawri + transactions through the “Benefit Pay” application increased by 785% reaching a total value that exceeded 1.98 billion Bahraini Dinars for the year 2020, compared to about 321 million Bahraini Dinars For 2019, an increase of 520%.
Fawri's transactions increased by 23%, as their total value exceeded 13.4 billion Bahraini Dinars for the year 2020 compared to about 12.7 billion Bahraini Dinars for the year 2019 increasing by 5%. Fawri’s transactions through the “Benefit Pay” application increased by 235%, as their total value exceeded 254 million Bahraini Dinars for the year 2020 compared to about 33 million Bahraini Dinars for the year 2019 with an increase of 653%.
Fawateer transactions increased by 111%, as their total value exceeded 463 million Bahraini Dinars for the year 2020 compared to about 281 million Bahraini Dinars for the year 2019, an increase of 64%. Fawateer transactions through the "Benefit Pay" application increased by 1174%, as their total value exceeded 60 million Bahraini Dinars for the year 2020 compared to about 5 million Bahraini Dinars for the year 2019 with a rapid increase of 954%.
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About BENEFIT
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, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Internet Banking (IB), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal and recently national eWallet and national eKYC Platform for the financial sectors.
For media inquiries, please contact:
Fatema Ebrahim
CEO - Andra PR
Fatema@andrapr.com
© Press Release 2021
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