Payments Revenues in Bahrain expected to reach $2.0 billion By 2031

Payments Revenues in Bahrain expected to reach $2.0 billion By 2031

Payment revenues in Bahrain are expected to reach $2.0 billion by 2031 according to the new report by , titled “ .” BCG’s 20th annual analysis of the payments industry in Bahrain shows an expected Compound Annual Growth Rate (CAGR) of 10.4% between 2021 to 2031 on payment revenues. Among the areas of particular strength will be revenues from current accounts, credit transfers, credit cards, and also electronic credit transfers. Mohammad Khan, Managing Director & Partner, BCG, said: “Bahrain has shown a great appetite to embrace innovative technologies, emerging as one of the key payment innovation hubs in the GCC. The Kingdom aims to become a cashless society by 2030 by continuing to capitalize on rising internet and mobile penetration to support the development of the local and regional e-commerce sector and overall SME growth.” The report outlines four trends that will shape the outlook for the global payments industry, which has some impact on Bahrain, over the next five years: “Payments revenues in the GCC will see acceleration on the back of real-time payments infrastructure, a growing number of specialized payments players bringing new solutions to the market, and enabling policies from governments,” concluded Khan.