Bahrain is projected to be the world leader in consumer adoption of real-time payments by 2027, according to the 2023 Prime Time for Real-Time report, published by ACI Worldwide.

The report states that the Middle East is fast becoming the global hotspot for real-time payments revolution across the globe.  It also says that by 2027, every Bahraini citizen, now totaling 1.5 million, is expected to make an average of 83.3 real-time transactions per month (TPHM), the highest level of RTP consumer adoption, compared to 23 in 2022.

The projection makes Bahrain a world leader, ahead of Brazil (51.8), Thailand (43.6), and its immediate regional competitors, Saudi Arabia and the United Arab Emirates. In the 2022 ranking, Bahrain (19.1) holds second place globally for real-time transactions per month after Thailand, with a TPHM of 23.0.

Bahrain also ranks first in the Middle East, Africa, and South Asia. According to the report, real-time payments are “strongly embedded” in the everyday lives of consumers and businesses in Bahrain.

The strong support of the Central Bank of Bahrain enables ease of use through digital apps like BenefitPay. In addition, real-time payments are helping promote financial inclusion and increase financial stability across the economy, towards stronger economic growth.

The total real-time transactions in Bahrain are projected to grow from 276 million in 2022 to 1.3 billion in 2027, representing an annual growth rate of 35.5%, outpacing any other market in the Gulf.

The report further states that the Middle East is the fastest-growing real-time payments market globally, with transactions expected to grow from $675 million (BD 254, 484,517) in 2022 to a staggering $2.6 billion (BD 980,236,660) by 2027.

According to Craig Ramsey, the global head of real-time payments and banking at ACI Worldwide, “In 2022, countries like Thailand, Brazil, and Bahrain took the lead in real-time transactions, and it is having a profound impact on how they conduct their financial affairs. This year’s report highlights how consumer and business adoption of real-time payments accelerates when the conditions are right.”

Santhosh Rao, Senior Vice President of MEASA, ACI Worldwide said, “Bahrain’s government and Central Bank support, as well as its innovative digital infrastructure, have made it an ideal environment for business and consumers to take advantage of real-time payments.”

Source: Benefit.bh