Bahrain Records 32 Percent Rise in International Credit and Debit Card Payments During the 2022 F1 Week
March 27, 2022
27 March 2022 - Manama, Kingdom of Bahrain
The recently concluded 2022 F1 Gulf Air Bahrain Grand Prix contributed to a significant increase in 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), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, commented: “The Bahrain Grand Prix is the highlight of the country’s financial calendar, leading to a great influx of tourists and increased local spending, as indicated by the AFS Transaction Index. AFS is proud to be a pivotal player in facilitating the country’s robust digital payments ecosystem.”
The AFS Transaction Index shows significantly increased transactions across the AFS processing platform from nationals of KSA, USA, Kuwait, UAE, and up by over 50% on cardholders from India (59%), Singapore (57%), Canada (52%), and the United Kingdom (50%). AFS merchant partners benefitted from a substantial increase in transaction value across all major sectors: family entertainment (up 65%), hotels (up 39%), restaurants (up 34%), fashion retail (up 29%) and supermarkets (up 26%). With AFS’s expertise and state of the art payments processing platform, merchants were able to seamlessly manage the high-volume of transactions.
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 advanced value-added services. 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. Providing the highest quality payments solutions that are trusted by businesses, AFS has been recognized as the “Best New Payment Solutions for MSME Business Bahrain 2022" by Global Business Magazine, “Leading Payments Innovator Bahrain 2021” by World Business Outlook and “Best Payment Solution Provider Bahrain 2021” by Global Banking & Finance Review. AFS has offices and data centers in Bahrain, the UAE, and Oman.