The number of POS and Ecommerce transactions in Bahrain shot up by 65 percent in August, year-on-year, reaching a total value of nearly $744 million during the month, after topping $3.62 billion in the first half of 2021, the Central Bank of Bahrain (CBB) revealed
New figures by the country’s central bank also revealed that more than 11.3m digital transactions were conducted last month, valued at BHD279.6m ($743.7m).
“Bahrain has anticipated the trends that were catalysed by the pandemic. The kingdom has a proven track record of reacting quickly to embrace emerging financial technologies and flexibly regulate them,” said Dalal Buhejji, executive director of business development investment origination at the Bahrain Economic Development Board.
The data reflects a region-wide surge in online and digital payments as GCC countries continue to accelerate their transition towards cashless societies in the wake of the global pandemic.
Figures from the CBB also revealed that the value of e-commerce and POS payments rose by 50 percent in August, compared to the same month last year, and that more than 53m digital payments were conducted in the first half of this year.
Buhejji highlighted that the government’s open banking approach contributed towards the rise in digital transactions. She added: “Our regulatory approach, along with our advanced digital infrastructure, is why we are at the forefront of developing the technologies, solutions and ecosystems that will form the future of the region’s digital economy.”
Dalal Buhejji, executive director of business development investment origination at the Bahrain Economic Development Board.
Last year, Bahrain’s national electronic wallet, BenefitPay, announced a 785 percent increase in the number of remittances through its Fawri+ service, an online payment service introduced under the Electronic Funds Transfer System.
The MENA region is expected to process around 139 billion individual non-cash transactions by 2022, 90bn more than five years ago, according to a research by the European Payments Council.
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