Bahrain Takes the Lead in Real-Time Payments!
Bahrain is about to become the world champ in using real-time payments! According to a report from ACI Worldwide and GlobalData, by 2027, people in Bahrain will make an average of 83.3 real-time transactions every single month.
In this article, @fintechf recaps our recent release on the #MiddleEast‘s progression and findings from the 2023 Prime Time for Real-Time Report. Read more now: https://t.co/gcb5OTQ6gP
— ACI Worldwide (@ACI_Worldwide) May 3, 2023
Bahrain is about to leave its competitors in the dust with its speedy payment methods. Not only that, but the Middle East as a whole is growing super-fast when it comes to real-time online payments! Also, they’re set to skyrocket from $675 million to a whopping $2.6 billion by 2027!
Currently, Saudi Arabia is the biggest market for real-time online payments in the region, but Bahrain is hot on its heels. This report also confirms Bahrain’s status as a major fintech hub, promoting financial inclusion and driving growth across the region.
So, what makes Bahrain’s real-time payments so successful?
- Fawri+ sets the standard for instant payments in the region
- Nearly 60% of electronic payments in the country are processed in real-time, forecasted to rise to 78.6% by 2027
- Digital apps like BenefitPay enable easier use of real-time payments
- Total real-time payment transactions in the country are also expected to grow from 276 million in 2022 to 1.3 billion in 2027, representing a CAGR of 35.5%, outpacing any other market in the Gulf
We know we love BenefitPay, but who expected this?
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