Today News Journal
    What's Hot

    DOJ sues Norfolk Southern over toxic train derailment in Ohio

    March 31, 2023

    Social Security funding crisis will arrive in 2033, U.S. projects

    March 31, 2023

    Richard Branson’s Virgin Orbit to lay off 85 percent of staff

    March 31, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Today News Journal
    Contact Us
    • Home
    • Trending
    • Business
    • Health
    • Technology
      • Automobile
      • Gadgets
      • Mobiles
      • Robotics
    • Lifestyle
      • Culture
    • Sports
    • Travel
    • Editorials
    • News
      • Politics
    Today News Journal
    Home » Finance » Bahrain’s Cashless Payments Surge To $3.62bn In First Half Of 2021
    Finance

    Bahrain’s Cashless Payments Surge To $3.62bn In First Half Of 2021

    James MartinBy James MartinSeptember 9, 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The number of POS and Ecommerce transactions in Bahrain shot up by 65% 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 today.

    According to new figures from the CBB, there were more than 11.3 million digital transactions in Bahrain last month, valued at BD279.6 million ($743.7 million). The value of e-commerce and point-of-sale (PoS) payments rose by 50% in August 2021 compared to the same month last year. There were more than 53 million digital payments in the first half of 2021, the data shows.

    The figures reflect the trend in the rest of the GCC, which is currently experiencing a region-wide surge in online and digital payments as countries accelerate their transition towards cashless societies in the wake of the pandemic.
    Lockdowns last year caused a dramatic shift towards digital payment systems. Bahrain’s national electronic wallet, BenefitPay, announced a 785% increase in the number of remittances through its Fawri+ service (an online payment service introduced under the Electronic Funds Transfer System) in 2020 – exceeding $5 million. And research from the European Payments Council indicates that the MENA region will process around 139 billion individual non-cash transactions in 2022, which is 90 billion more than five years ago.

    Bahrain is among the leaders of the Middle East’s march towards a paperless financial system, thanks to its innovative regulation of FinTech. Bahrain boasts some of the world’s most advanced digital infrastructure and has produced several leading start-ups that are disrupting the region’s digital payments infrastructure.

    Dalal Buhejji, Executive Director of Business Development Investment Origination at the Bahrain Economic Development Board, said: “Even before the pandemic, the GCC was embracing digital and mobile banking and payments. 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. An example of our forward-thinking regulatory framework is the way the Kingdom mandated the adoption of open banking. 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.”

    Reforms to open banking are expected to have broad ramifications for the payments business, according to a recent survey from McKinsey, published in 23 August. When respondents to the survey were asked what government- or regulator-driven action would be most effective in steering customers to digital payments, 27% nominated regulatory approval for open banking. In 2018, Bahrain made a leap forward in the financial services sector, issuing open banking rules, followed by a framework with guidelines on data sharing and governance in 2020.

    *BD 1 = USD 2.65

    About Bahrain Economic Development Board

    The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

    The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

    The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

    For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

    SOURCE: Bahrain Economic Development Board

    Related posts:

    1. Henley & Partners Submits 100th Application For Montenegro Citizenship-By-Investment Program
    2. Fintica Ai Completes Financial Market Manipulation Detection Pilot For Israel Securities Authority
    3. Prospering in Ultra-Micro Segments, BRI Will Optimize the Right Issue
    4. Terrapay Partners With Movii To Pave The Way For Seamless Cross-Border Payments For Colombian Residents And Diaspora Across The World
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleNobu Ryokan Malibu Voted #1 Resort Hotel In The Continental U.S. In Travel + Leisure World’s Best Awards 2021
    Next Article Shutterstock Launches Flex Premium, Offering Greater Creative Flexibility To Small- And Medium-Sized Businesses
    James Martin
    • Website

    Related Posts

    5 Ways To Manage Your Finances During A Living Crisis

    November 30, 2022

    Russia steps up assault on Ukraine

    March 1, 2022

    Abrdn rules out Russia investment for ‘foreseeable future’

    March 1, 2022

    Total under pressure to review Russia business

    March 1, 2022

    Leave A Reply Cancel Reply

    Search
    Categories
    • Automobile
    • Business
    • Coronavirus
    • Culture
    • Editorials
    • Finance
    • Gadgets
    • Health
    • Lifestyle
    • Mobiles
    • Money
    • News
    • Politics
    • Sports
    • Technology
    • Travel
    • Trending
    • World
    Latest Posts

    DOJ sues Norfolk Southern over toxic train derailment in Ohio

    March 31, 2023

    Social Security funding crisis will arrive in 2033, U.S. projects

    March 31, 2023

    Richard Branson’s Virgin Orbit to lay off 85 percent of staff

    March 31, 2023

    Yorkshire racism allegations: Vaughan cleared, three charges against Hoggard considered proven – live | Yorkshire

    March 31, 2023
    • Facebook
    • Twitter
    Don't Miss
    News

    DOJ sues Norfolk Southern over toxic train derailment in Ohio

    By James MartinMarch 31, 20230

    Comment on this storyCommentThe Justice Department filed a major civil suit Friday against Norfolk Southern…

    Social Security funding crisis will arrive in 2033, U.S. projects

    March 31, 2023

    Richard Branson’s Virgin Orbit to lay off 85 percent of staff

    March 31, 2023

    Yorkshire racism allegations: Vaughan cleared, three charges against Hoggard considered proven – live | Yorkshire

    March 31, 2023
    • Facebook
    • Twitter
    About Us

    Hello friends, I am James Martin. Welcome to my blog todaynewsjournal.com. We are a team of experienced journalists who are passionate about delivering the latest news and current events to our readers. Our editorial team is dedicated to providing the most accurate and up-to-date information possible. We aim to be your go-to source for news and current events. Here on this site, You will get up to date information regarding all important categories like business ideas, health tips,... (Read More)

    Latest News

    DOJ sues Norfolk Southern over toxic train derailment in Ohio

    March 31, 2023

    Social Security funding crisis will arrive in 2033, U.S. projects

    March 31, 2023

    Richard Branson’s Virgin Orbit to lay off 85 percent of staff

    March 31, 2023
    SIGN UP NEWSLETTER

    Join The Conversation sign up to receive emails for The Daily special tips general info.

      Facebook Twitter Instagram Pinterest
      • Home
      • Editorials
      • Get In Touch

      Copyright © 2021-2023 · Today News Journal Privacy Policy

      Type above and press Enter to search. Press Esc to cancel.

      We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
      Cookie SettingsAccept All
      Manage consent

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
      CookieDurationDescription
      cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
      cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
      cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
      cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
      cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
      viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
      Functional
      Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
      Performance
      Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
      Analytics
      Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
      Advertisement
      Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
      Others
      Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
      SAVE & ACCEPT

      Sign In or Register

      Welcome Back!

      Login to your account below.

      Lost password?