Manama, May 4 (BNA): A report prepared by ICI Worldwide and GlobalData, which included indicators for the use of real-time payments in various countries in 2022, revealed that the Kingdom of Bahrain ranked second in the world and first in the world. The Middle East, Europe, Africa and South Asia in terms of using real-time transactions.
The report showed an average rate of 19.1 transactions per capita, per month, in 2022, coming second after Thailand (23.0). However, Bahrain is expected to be a world leader in consumer adoption of real-time payments. By 2027, each Bahraini citizen is expected to conduct an average of 83.3 real-time transactions per month, making Bahrain the world leader, ahead of Brazil (51.8) and Thailand (43.6).
This achievement comes after the significant increase in the use of electronic payment systems and real-time transactions in the Kingdom of Bahrain, which include Fawry and Fawry + transactions, bills and electronic checks provided by The Benefit Company. The company’s role is evident in contributing to the transfer of transactions from a banknote-based system to an advanced electronic payment system.
This achievement is also an important step in the CBB’s strategy towards digital transformation. It is also in line with the Kingdom’s strategy to develop the financial services sector, which aims to advance digital transactions and provide advanced payment and settlement systems that serve individuals and institutions and reduce the use of cash.
Hessa Al-Sada, Chief Executive Officer of Banking Operations at the Central Bank of Bahrain, said that the achievement comes within the bank’s various initiatives to promote digital transformation and develop the digital economy in the Kingdom.
Commenting on the achievement, CEO of The Benefit Company, Abdul Wahed Al-Janahi, said that the real-time transaction system strengthened the Kingdom’s position in the field of real-time payments and electronic transformation. He was proud of the company’s effective contribution to ranking Bahrain second in the world and first in the Middle East and the Arab world in terms of major real-time payments.
AOQ