According to a report issued by the state bank on Thursday, 296.7 million e-banking transactions worth Rs21.4 trillion were made during the second quarter of the current fiscal year (2QFY21). It registered an increase of 24 percent by volume and 22pc by value over the same period last year.
SBP’s Quarterly Payment System Review said strong growth was seen in the country’s e-banking transactions during Oct-Dec FY21. This is due to the efforts of the central bank to achieve the target of maximizing the digitization of financial transactions.
Most of the gain in e-banking transactions was seen in internet and mobile banking, the report said. It added that the volume of mobile banking transactions reached 44 million, up 147pc with a 192pc increase in value to Rs1.12 trillion. In 2QFY29, 17.8m transactions valuing Rs382.5bn took place.
The number of registered mobile phone banking users reached 9.4m, accounting for an increase of 5pc. Similarly, 22m internet banking transactions valued at Rs1.3tr were recorded during this period compared to Rs1.1tr in the first quarter of FY21 (1QFY21).
Expansion in digital payment infrastructure as well as the emergence of new payment aggregators has played a great role in this growth.
“In line with its declared objectives to digitize payment and financial services, SBP will continue promoting digitization in the country and expects the industry to support these efforts which will increase convenience and financial inclusion for all Pakistanis,” said the report.