BENEFIT Introduces Advanced Payment Solution to Strengthen Fintech Ecosystem

TDT | Manama

Email : editor@newsofbahrain.com

Bahrain is witnessing a major transformation in its digital payments ecosystem, driven by strong growth in electronic transactions and continued financial innovation, according to Abdulwahed Al-Janah, CEO of BENEFIT.

Over the past decade, the Kingdom has steadily moved away from cash-based payments toward a fully integrated digital financial environment. This shift gained momentum following the launch of the Electronic Fund Transfer System (EFTS) in 2015, which significantly improved how money is transferred between individuals and institutions.

In 2025, online transactions through the system reached 494 million, marking a 10.7% increase compared to 2024. The total value of transactions rose to BD 37.5 billion, up 12.6% from BD 33.3 billion the previous year, reflecting growing confidence in digital payment solutions.

AlJanah noted that the COVID-19 pandemic played a key role in accelerating digital adoption, reshaping consumer behavior and increasing reliance on secure, efficient financial technologies.

As part of its ongoing innovation strategy, BENEFIT has launched a digital direct debit service through the “Fawateer” platform on the BENEFITPay app. The service marks a new phase in Bahrain’s financial digital transformation and supports the Central Bank of Bahrain’s vision to position the Kingdom as a regional fintech hub.

The new service improves operational efficiency by automating authorization and collection processes, reducing manual work, lowering administrative costs, and minimizing human error. It also enhances cash flow management through automated and scheduled payments.

Replacing traditional paper-based procedures, the system enables instant digital approvals with enhanced security measures and verified customer data, helping reduce fraud risks while promoting sustainability through a paperless approach.

Technically, the solution is built on API-based integration and complies with ISO 20022 standards, enabling seamless connectivity between billing systems, ERP platforms, and financial institutions.

BENEFIT reaffirmed its commitment to advancing Bahrain’s digital payments infrastructure and strengthening the Kingdom’s position as a leading regional center for fintech innoAbdulwahed Al-Janah, CEO of BENEFIT. vation and the digital economy.