AFS Transaction Index Spotlights 46% Surge in International Spends During the 2023 F1 Week
March 13, 2023
13 March 2023 – Manama, Kingdom of Bahrain
Arab Financial Services (AFS) has released its latest AFS Transaction Index, recording a 46% surge in international debit card payments and a 39% increase in international credit card payments during the recently concluded 2023 F1 Gulf Air Bahrain Grand Prix. The AFS Transaction Index is a resource that monitors the volume and value of electronic payments, recorded on the AFS processing platforms across the Kingdom.
Samer Soliman, the CEO of Arab Financial Services (AFS), commented: “The transaction numbers and volumes that we have recorded on our platforms exceed those of the 2022 Bahrain Grand Prix and this is a testament to how highly anticipated the Bahrain Grand Prix is – and how it attracts a truly global audience. We have seen significant upsurge in transactions from international cardholders, and specifically by visitors from Singapore and India during the F1 week and this has, in turn, boosted businesses across the Kingdom.”
The AFS Transaction Index recorded significant increases in transactions across different business and retail sectors from nationals of Singapore (199%) and India (58%), in addition to GCC nationals, in particular from the Sultanate of Oman, Qatar, United Arab Emirates and the Kingdom of Saudi Arabia.
Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous ground-breaking end-to-end digital payment services and solutions. These span debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in Bahrain, Egypt, Oman, and the UAE. Its dedication to innovation has positioned AFS as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets, market-leading merchant acquiring services, Bahrain’s leading digital payroll solution, global contact centers and more.