• Thu. Dec 1st, 2022

Mobile banking transactions hit 2.2 trillion rupees – Newspaper

KARACHI: The number of transactions conducted through mobile banking channels increased by 29% in volume and 36% in value to 79.1 million and 2.2 trillion rupees during the July-September quarter 2021-22.

The State Bank of Pakistan (SBP), in its quarterly report released on Monday, said that e-banking – defined as transactions conducted through electronic channels (including real-time online branches, ATMs banknotes, mobile banking, internet banking, banking call centers, point of sale and e-commerce) – continued to thrive in volume and value during the quarter under review, as it jumped 12% and 16%, respectively, in Q1FY22 compared to the same quarter of FY21.

The report shows that Pakistan’s payment ecosystem, especially through digital platforms, has continued its rapid pace of growth.

Two major areas where strong adoption of digital payments has been seen are mobile and internet banking.

The number of mobile banking users increased by 4% on a quarterly basis (QoQ), reaching a total of 11.3 million.

Internet banking has also contributed to the rise in the use of online banking services by recording a 31% growth in Internet banking users who carried out 30 million transactions worth 1.9 trillion dollars. rupees.

This equates to a 6% increase in volume and a 10% increase in the value of these deals quarter over quarter. “The retail industry continued to show adoption of digital payments,” the report said.

Overall, e-commerce transactions grew 87% in volume and 21% in value during the quarter.

“During the quarter, 12.7 million e-commerce related transactions amounting to Rs 22.3 billion were made using digital payment channels,” the report said.

Similarly, the number of merchant point-of-sale (POS) machines also increased by 10% to 79,134 machines.

“These machines processed 28.1 million card transactions at merchants amounting to almost Rs 134.9 billion, which showed an increase of 16.1% in volume and 10.6% in value.

“At the end of September 2021, there were a total of 46.2 million cards in circulation, mainly debit cards (64pc), social protection cards (22pc), ATM-only cards (10pc), credit cards (4pc) and prepaid cards (0.3pc),” the report added.

Posted in Dawn, March 1, 2022