86% of retailers in Bahrain see digital payments as necessary for their business growth
A study conducted by Visa, a global leader in digital payment technology, revealed that 86% of retailers in Bahrain consider digital payments essential for their business growth. The study also found that:
- Over 80% of retailers accepting digital payments experienced an increase in revenue and customer numbers.
- 76% of retailers say most of their customers prefer payment by cards or mobile phones.
- 63% of retailers believe the value and benefits of digital payments outweigh the associated costs.
- More than 60% of cash-only accepting retailers plan to invest in digital payment technology in the near future.
Commenting on this, Malak Alsaffar, General Manager of Visa in Bahrain, said:
“As Bahrain pursues its digital commerce agenda, our study underscores the transformative power of digital payments in the retail sector.”
Malak Alsaffar added:
“Beyond security, speed, and convenience, digital payments also provide invaluable data. With more Bahrainis transitioning to digital payments, local merchants can tailor customer engagements with relevant offers, implement loyalty programs, and enhance the overall customer experience.”
The study expects retailers to demand a range of value-added services from digital payment solution providers, such as:
- Providing more secure and convenient inter-company payments.
- Tips for staying safe.
- Sponsorship of local and global events.
- Accepting mobile payments.
- Fraud detection and prevention.
- Multi-currency processing.
- Accepting online payments.
The study shows that digital payments are playing an increasingly important role in Bahrain’s retail sector, with merchants increasingly recognizing the benefits of accepting digital payments.
