Digital payment revenue in the Kingdom of Bahrain will nearly double and reach $485 million by 2030, according to the report ‘Global Payments 2021: All In for Growth’ published by Boston Consulting Group (BCG). The increase in revenue will be attributed to the growth of e-commerce in the Kingdom as well as the decline in cash usage.
During the period from 2015 to 2020, payment revenues in the Kingdom surged by nearly 23 percent to reach $256 million.
BCG partner Mohammad Khan told the media, “When examining the recent economic recovery in Bahrain, the country’s payments industry has certainly played its part. Changing consumers preferences and the emergence of various digital channels have been a key driver behind the industry’s contributions.
“These occurrences have ultimately placed the industry in the favourable position which it stands today, with every indication pointing toward a new chapter of sustainability and positivity for all concerned parties.”
Earlier this year, the Central Bank of Bahrain revealed that cashless payments in Bahrain jumped 65 percent to nearly $744 million in August, after topping $3.62 billion in the first half of this year.
CBB data further revealed that more than 11 million cashless transactions were recorded during September 2021, which is an increase of 55.5 percent when compared to the September 2020 figure.
Dalal Buhejji, executive director of business development investment origination at the Economic Development Board (EDB), told the media, “Even before the pandemic, the GCC was embracing digital and mobile banking and payments. Bahrain has anticipated the trends that were catalysed by the pandemic.”