business bites Bahrainthismonth.com 34 January 2025 BAHRAIN’S PAYMENTS INDUSTRY PROJECTED TO HIT 1.37 BILLION BY 2028 GULF AIR RECOGNISES BAHRAIN’S TOP CORPORATE TRAVEL AGENTS Gulf Air, the National Carrier of the Kingdom of Bahrain, honoured its key corporate and travel partners in Bahrain. The event aligns with the airline’s ongoing expansion and highlights the importance of these partnerships in achieving continued success. The awards were presented across three distinct categories: Top Corporate Sales, Top Revenue and Top Premium Sales, based on outstanding performance and revenue generation throughout the year. The top 15 travel agents received the ‘Best Sales Award’ while the top seven travel agents were honoured with the ‘Best Premium Sales Award’. Additionally, five corporate partners were recognised for their significant contributions to Gulf Air’s corporate sales. Furthermore, the event celebrated past achievements while building a foundation for future collaborations and mutual growth with travel agents and corporate partners. Bahrain’s payments industry is projected to experience strong growth, with total revenues anticipated to reach USD1.37 billion by 2028, according to the latest Global Payments Report 2024 from Boston Consulting Group (BCG). Bahrain’s payments sector has shown strong growth in recent years, with revenue rising from USD764 million in 2018 to USD960 million in 2023, representing a 26 percent increase. By 2028, Bahrain’s revenue pool is expected to grow by another 43 percent, reaching USD1.37 billion. Transaction volumes in Bahrain are projected to increase significantly from 523 million in 2023 to 1.36 billion by 2028, marking a 160 percent growth. This transition is propelled by the country’s ongoing digital transformation initiatives, increased fintech adoption, and the push to enhance financial accessibility across Bahrain. Amid a global slowdown in growth rates, Bahrain is focusing on digital transformation and strategic investment to adapt to evolving market demands, securing its position within the GCC’s competitive landscape. The Global Payments Report 2024 marks BCG’s 22nd annual analysis of the global payments industry. Lukasz Rey, Managing Director and Partner BCG Nabil Saadallah, Managing Director and Partner
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