A report co-compiled by ICI Worldwide and GlobalData, which includes indicators on 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 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 projected to be the world’s leader in consumer adoption of real-time payments. By 2027, every Bahraini citizen is expected to make an average of 83.3 real-time transactions per month, which makes Bahrain the world’s 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 includes Fawri and Fawri + transactions, bills and electronic cheques provided by the Benefit Company. The company’s role is evident in contributing to the transformation of transactions from a system based on cash notes to an advanced electronic payment system.
This achievement is also considered as an important step in the Central Bank of Bahrain (CBB)’s strategy towards digital transformation. It is also in accordance with the kingdom’s development strategy of the financial services sector, which aims to upgrade digital transactions and provide advanced payment and settlement systems that serve the individuals and institutions and reduce the use of cash.
CBB Chief Executive of the Banking Operations, Hessa Al-Sada, said that the accomplishment is part of the bank’s diverse initiatives to promote digital transformation and develop the digital economy in the kingdom.
Commenting on the achievement, Chief Executive of the Benefit Company, Abdulwahid Al Janahi, said that the real-time transaction system had boosted the kingdom’s standing in the field of real-time payments and electronic transformation. He took pride in the company’s active contribution to ranking Bahrain second globally and first in the Middle East and Arab World in terms of prime real-time payments.
Source: Bahrain News Agency