E-payment sees major grow

KUWAIT CITY, Oct 16: Electronic payment operations through Shared Electronic Banking Services Company “Knet” recorded a significant growth last September, reaching 63 million transactions, an increase of 21.9 percent, compared to the corresponding month of 2021, while the growth rate reached 63.4% compared to September 2020, reports Al-Rai daily. As for the value of electronic payment operations, it reached 2.7 billion dinars last September, an increase of 15.2 percent compared to the same period in September 2021, while the growth of the value of operations amounted to 46.7 percent compared to the same period in 2020.

Moreover, the number of electronic payment platforms last September reached 95,197 thousand, a growth of 13% compared to the same period in 2021, while the growth rate was 20.3% compared to September 2020. In terms of the volume of operations, the growth rate of the volume of operations through individual points of sale reached 63 percent, 27 percent through the electronic payment gateway, 5 percent through ATMs, and 5 percent through the government electronic payment portal during September 2022.

On the other hand, the growth rate of the value of operations through individual points of sale increased by 39 percent, 46 percent through the electronic payment gateway, 10 percent through ATMs, and 4 percent through the government electronic payment portal during last September.

The growth rate of payment stations through individual points of sale reached 88 percent, 3 percent through the electronic payment gateway, 1 percent through ATMs, and 8 percent through the government electronic payment portal during September 2022. The average daily operations through individual points of sale reached 1.319 million daily in September 2022, compared to 1.073 million in September 2021, and compared to 784,000 in September 2020.

The average daily transactions executed through the electronic payment gateway amounted to 575,000 in September 2022, compared to 460,000 in September 2021 and 334,000 in September 2020. As for the average daily transactions through ATMs, it reached 109 thousand, 107 thousand and 105 thousand in September of the years 2022, 2021 and 2020, respectively, and the average number of daily transactions through the government electronic payment gateway increased from 62 thousand transactions per day in September 2020 to 95 thousand in September 2022. The average daily cash withdrawals from ATMs amounted to 9.1 million dinars.