Bahrain experiences a 6.4% growth in cashless transactions

According to the latest data from the Central Bank of Bahrain (CBB), Bahrain witnessed a 6.4% increase in cashless transactions in March 2023 compared to March 2022, with nearly 15 million transactions recorded. The total value of transactions in March 2023, including point-of-sale and e-commerce, amounted to BD349m ($852.9m), a 9.3% increase from February 2023. Half of the transactions were made through contactless methods, indicating a shift in consumer behaviour from primarily using cash to using digital payments.

The data further shows that the highest number of transactions in March 2023 were carried out in restaurants, followed by supermarkets, government services, health services, and automobile dealerships. In terms of value, government services led the top five sectors, followed by supermarkets, restaurants, telecommunications services, and automobile dealers.

Electronic fund transfers in the kingdom continued to see substantial growth, with Fawri+, an almost real-time fund transfer service, accounting for the majority of transactions. Fawri and Fawateer services also saw a significant increase in usage. The report also shows a 20% increase in interbank transactions through the real-time gross settlement (RTGS) system, while ATM withdrawals saw a 13% year-on-year drop in both volume and value.

Overall, the data highlights the growing trend of digital payments in Bahrain, with consumers increasingly shifting away from cash transactions towards more convenient and secure electronic payment methods.