Wednesday, October 5, 2022

Mobile banking in Pakistan: Transactions roze to Rs 2.2 trillion

As reported in the SBP quarterly report, transactions conducted using mobile banking platforms increased by 29 percent (79.1 million transactions) in volume and by 36 percent (Rs2.2 trillion) in value during the fiscal year 2021-22′ quarter, which runs from July to September.

According to a study released by the State Bank of Pakistan (SBP) on Monday, banking or transactions carried out through electronic platforms saw a significant increase in both volume and value during the first quarter of the fiscal year 2021-2022, according to the research.

Real-time online branches, ATMs, mobile banking, internet banking, call center banking, point of sale (POS), and e-commerce are all examples of e-banking transactions.

According to the report, Pakistan’s payment system, particularly through digital platforms, has been growing at a rapid pace in recent years.

One of the primary reasons for the increase is an increase in the number of mobile banking customers, which increased by 4 percent to a total of 11.3 million, representing a 4% increase from the last year.

E-banking usage has increased by 31 percent, thanks to the use of internet banking, which processed 30 million transactions (worth Rs1.9 trillion).

Read Also: Inflation rose 1.15 percent in one month, bringing the annual rate to 12.24 percent

According to the research, “the retail sector has continued to demonstrate uptake of digital payments.”

This gain translates into a 6 percent increase in transaction volume and a 10 percent increase in transaction value from quarter to quarter.

The overall volume of e-commerce transactions increased by 87 percent, while the value increased by 21 percent, according to the latest quarterly data.

“Digital payment channels were used to complete 12.7 million e-commerce-related transactions worth Rs22.3 billion during the quarter,” according to the report.

Similar to this, there has been a 10% increase in the number of merchant point-of-sale devices, bringing the total number of such machines to 79,134 machines across the country.

According to the research, “These machines completed 28.1 million card-based transactions at merchant locations for a total of about Rs134.9 billion, representing a 16.1 percent rise in volume and a 10.6 percent increase in value.”

“As of the end of September 2021, there were 46.2 million total cards in circulation, with debit cards accounting for 64 percent of total cards in circulation, social welfare cards accounting for 22 percent, ATM only cards accounting for 10 percent, credit cards accounting for 4 percent, and prepaid cards accounting for 0.3 percent,” the report continued.

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