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37.5% increase seen including 107.14 mln transactions
KUWAIT CITY, Aug 28: Official data shows that citizens and residents made about 392.94 million payments and withdrew cash during the first 6 months of 2022, an increase of 37.5%, including 107.14 million transactions, compared to the same period of 2021, during which the number of payments and withdrawals of funds were about 285.8 million, reports Al-Anba daily.
From January to the end of June 2022, the cash transactions made through ATMs accounted for 11% of the total transactions carried out by citizens and residents, while online payments were about 28%. Of the total transactions during the same period, there were direct payments through points of sale (PoS) with bank cards accounting for about 61% of the total transactions.
In detail, credit card payments through points of sale (direct purchase) accounted for 61% of the total payments during the period from January to the end of June 2022, including about 240 million direct purchases, including 226.9 million purchases within Kuwait, and 13.13 million credit card purchases through points of sale abroad.
From January to the end of March 2022, spending transactions through points of sale accounted for 118.748 million, including 112.1 million inside Kuwait and 6.64 million abroad, while from April to the end of June 2022, the number of transactions increased to 121.32 million direct purchases, including, 114.8 million operations inside Kuwait and 6.49 million operations abroad. In comparison on an annual basis, the number of purchases through points of sale by citizens and residents during the first half of 2022 increased by 48%, with a value of 77.74 million purchases, compared to 162.3 million transactions they made during the same period in 2021.
The number of transactions on ATMs (cash) accounted for about 11% of the transactions of citizens and residents with their bank cards, with a rate of 43.12 million transactions out of 392.94 million transactions they made during the period from January to the end of June 2022, and cash withdrawals from inside Kuwait accounted for About 41.74 million transactions were made, while withdrawals through ATMs outside Kuwait amounted to 1.38 million withdrawals in 6 months.
The data showed that the number of cash transactions decreased during the second quarter of 2022, reaching 21.66 million transactions from January to the end of March 2022, including 20.94 million transactions inside Kuwait and 726,000 transactions abroad, while the number of transactions decreased during the period from April to The end of June 2022 reached 21.46 million transactions, including 20.8 transactions inside Kuwait and 655 thousand transactions abroad.