KARACHI: According to the SBP quarterly report, transactions made via mobile banking platforms have grown by 29 per cent (79.1 million) by volume and 36pc (Rs2.2 trillion) by value during the July-September quarter of 2021-22 fiscal year.
The report released by the State Bank of Pakistan (SBP) on Monday, said that banking or transactions done via electronic platforms increased massively in both volume and value during the quarter of the fiscal year 2021-2022.
E-banking transactions include real-time online branches, ATMs, mobile banking, internet banking, call centre banking, POS and e-commerce.
Pakistan’s payment system, especially through digital platforms has increased at a brisk rate, the report said.
One of the major reasons for the growth is the increase in the number of mobile banking users, which grew by 4%, reaching a total of 11.3 million.
Also Read:SBP says digital transactions surged 24pc in the second quarter of FY-21
Internet banking, conducting 30 million transactions (Rs1.9 trillion), also contributed to the rise in the usage of e-banking which registered a growth of 31%.
“Retail sector continued to show adoption of digital payments,” said the report.
This growth amounts to a 6% increase in volume and a 10% increase in the value of these transactions on a quarter-to-quarter basis.
A growth of 87% by volume and 21% by value was noted in overall e-commerce transactions, in the quarterly report.
“During the quarter, 12.7m e-commerce related transactions amounting to Rs22.3 billion were conducted using digital payment channels,” said the report.
In a similar way, the number of merchant Point-Of-Sale machines also saw a growth of 10%, taking the number to 79,134 machines country-wide.
The report added that “These machines processed 28.1 million card-based transactions at merchant locations amounting to almost Rs134.9bn which showed an increase of 16.1pc by volume and 10.6pc by value.”
“As of end-September 2021, there were 46.2m total cards in circulation which mainly comprised of debit cards (64pc), social welfare cards (22pc), ATM only cards (10pc), credit cards (4pc), and prepaid cards (0.3pc),” the report added.
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