business bites Bahrainthismonth.com 54 March 2024 BENEFIT RECORDS BD29 BILLION WORTH OF TRANSACTIONS IN 2023 Leading FinTech and electronic financial transactions service company, BENEFIT, has announced that it had reached a total volume of 345.4 million for all electronic fund transfer transactions through BenefitPay in the year 2023. This signifies a 37 percent increase in transaction volume compared to the previous year. The Electronic Fund Transfer System (EFTS) on all channels (Banks and BenefitPay channels), which includes Fawri, Fawri+, and Fawateer, witnessed substantial growth in 2023, as seen by a 14 percent increase in total value from BHD25.4 billion to BHD29 billion in 2023. All Fawri+ transactions reached a volume of nearly 335 million, a 37 percent increase from the previous year, and BHD7.3 billion in value, a 19 percent increase from 2022. Notably, in January 2023 alone, there was a 49 percent increase in Fawri+ transactions over the BenefitPay application from the previous year. Furthermore, a total volume of more than 12 million Fawri transactions were made in 2023, showing an increase of 13 percent, with their total value exceeding BHD20.7 billion for the year 2023, compared to over BHD18.4 billion for the year 2022, an increase of 13 percent. A total volume of almost 13 million Fawateer transactions were conducted in 2023, an increase of seven percent. Their total value amounted to BHD989.2 million for the year 2023 compared to BHD928.7 million for the year 2022, an increase of percent. Meanwhile, the National electronic KnowYour-Customer (eKYC) platform transactions recorded over 743,000 eKYC verifications in 2023 in comparison to over 424,000 verifications in 2022, showing a substantial increase of 75 percent.
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