Citizens and residents in Bahrain are ditching paper money like never before! Thanks to the rise of fintech and smartphone apps, people are opting for electronic payments when buying and selling, leading to the lowest usage of paper dinars since 2016.
According to the official financial report, people withdrew 92 million dinars from ATMs in September. Can you believe it? That’s the lowest monthly level in years, despite the growing population!
So, what’s causing this change? Well, it’s all about those nifty payment apps on smartphones, especially the popular “Benefit” app. It has become the go-to choice for most consumers when it comes to making payments.
In fact, direct payments through electronic apps, known as “Fawri Plus,” hit 598 million dinars in September alone. And get this: there were 28.52 million transactions! That’s almost 29 times higher than good old-fashioned cash withdrawals.
But hey, let’s not forget there are still some places, like certain gas stations, that prefer good old cash.
So, it’s clear that the times are changing in Bahrain. The era of paper money is slowly giving way to the digital revolution, making transactions faster, more convenient, and honestly cooler.
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