Bahrain’s eCommerce Transactions Shot Up by 65% In August
The number of POS and eCommerce transactions in Bahrain shot up by 65 per cent 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. According to new figures from the CBB, there were more than 11.3 million digital transactions in Bahrain last month, […]
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The number of POS and eCommerce transactions in Bahrain shot up by 65 per cent 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.
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 eCommerce and point-of-sale (PoS) payments rose by 50 per cent 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.
Also Read: Bahrain Cabinet Approves eWallet Plan
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.”
Also Read: Google, Amazon Eye India’s Digital Payments Market
