Digital wallet transactions in Bahrain tripled last year, spurred by the plethora of new technologies alongside significant shifts in consumer behaviour, according to a report released by the Central Bank of Bahrain.
The first edition of the Bahrain Digital Payment Landscape Report demonstrates that the volume of payments made through digital wallets surged by 196.2 per cent last year.
The Central Bank of Bahrain report also noted that, in the aftermath of the restrictions, digital wallets are gaining steam among consumers who seek secure and convenient contactless payment options.
“These digital wallets are able to store vital user data related to payment and other personal information that can then be used for credit or debit cards, loyalty cards, gift cards, coupons and hotel reservations, among other things,” the report said.
“Mobile companies, banks, airlines and retail outlets have championed the use of digital wallets and used them to offer customer convenience in transacting.”
Equally important, the volume of point of sale transactions in Bahrain grew by 49.8 per cent to 125.5m in 2021, while the total value of such payments amounted to BD3.2 billion during the same period, recording a growth of 34.6 per cent during the previous year.
Two-thirds of the total POS transactions were contactless payments. Contactless payments accounted for 39.8pc of POS transactions.
Non-cash transaction volumes in the Mena region grew by 7.8pc in 2020 compared to 2019, outpacing South America, North America and Europe.
The report also sheds light on the key innovations that served to facilitate banking transactions in a way that benefits the efficiency of services provided to the public.
