Digital wallet transactions in Bahrain surge 196.2%

Digital wallet transactions in Bahrain surge 196.2%

Digital wallet transactions in Bahrain tripled last year supported by the proliferation of new technologies along with changes in consumer behaviour, according to a new report by the Central Bank of Bahrain (CBB).

The first edition of Bahrain Digital Payment Landscape Report shows that the volume of payments made using digital wallets surged 196.2 per cent in 2021 with the value rising 111.6pc.

In the report, the CBB noted that in the aftermath of the Covid-19 pandemic, digital wallets are proving to be increasingly popular amongst consumers seeking safe and secure 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, hotel reservations, among other things,” it adds.

“Mobile companies, banks, airlines and retail outlets have championed the use of digital wallets and used them to offer customer convenience in transacting.”

The report includes a comprehensive study of the development of payment and settlement services in the kingdom’s banking sector in recent years.

It shows that the volume of point of sale (POS) transactions in Bahrain grew by 49.8pc to 125.5m in 2021, whereas the total value of such payments amounted