Mobile, internet banking doubles

The value of mobile banking, internet banking and e-commerce transactions have more than doubled during the third quarter of the current fiscal year (Q3FY21) compared to the same period in FY20, the State Bank said in its latest report issued on Monday.

According to the Payment System Quarterly report, the number of internet and mobile banking users has increased significantly, up 30.5 per cent and 20.3pc, respectively during Q3FY21 over the same period last year.

During Jan-March FY21, bank customers performed 309.5 million e-Banking transactions, valuing Rs22.5 trillion and registering growth rates of 31pc by volume and 29pc by value over the same quarter in FY20, the report said.

Overall the country’s total payment transactions increased by 2pc in volume and 10pc in value when compared to the previous quarter.