Online banking transactions increase 31% year-on-year from January to March: SBP – Business & Finance


Digital financial transactions continued to advance in Pakistan, with mobile and internet banking users showing a dramatic increase in the third quarter of the outgoing fiscal year, the State Bank’s Payments System Quarterly Review said. of Pakistan (SBP) released on Monday.

During the three-month period between January and March 2021, bank customers completed 309.5 million e-Banking transactions, valuing 22.5 trillion rupees and registering growth rates of 31% in volume and 29%. % in value compared to the same quarter last year, according to the report.

“Most online banking has been used in internet banking and mobile banking,” the SBP said.

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The volume of mobile banking transactions reached 51.7 million (up 144%) at a value of 1.3 trillion rupees (up 178%) against 21.2 million transactions at a value of 467.5 billion in the same quarter of last year. The number of registered users of mobile banking services reached 9.8 million, an increase of 20% over the same period last year.

Likewise, 24.5 million Internet banking transactions worth 1.5 trillion rupees were recorded during this period, compared to 0.75 trillion rupees in the same quarter of last year, registering a 74% growth in volume and 109% in value.

On a quarterly basis, the report found that overall, the country’s total payment transactions grew by 2% in volume and 10% in value, to 402.5 million and Rs 153.6 trillion respectively. The transaction value for PRISM has grown from Rs 94.9 trillion in the previous quarter to Rs 109.3 trillion in the current quarter, an increase of 15%.

Digital financial transactions show double-digit growth in Pakistan: SBP

Overall use of e-Banking channels increased by 4% in volume and 5% in value compared to the previous quarter. The number of paper transactions has decreased compared to previous quarters, which the central bank says can be inferred from the increase in the use of digital channels by consumers in general.

The report found that the number of Internet and mobile banking users has also increased significantly in recent quarters.

In the third quarter, the number of Internet banking users stood at 4.97 million, an increase of 10% from the previous quarter and an increase of 30% from the same quarter of the year. last year. Likewise, mobile banking users grew 5% quarter-on-quarter to 9.85 million, while posting a 20% increase over the same period last year.

E-merchants are also on an upward trend in recent quarters. Compared to the previous quarter, e-commerce merchants grew 5% to 2,523 users, however, compared to the same period last year, a staggering 62% growth was observed.

“The numbers can clearly lead us to believe that consumers are realizing the benefits of digital payment channels in our daily lives. This complements the increase in consumer confidence in the use of digital channels.

“This would not have been possible without SBP’s continued efforts to digitize the economy, which has the potential to change the country’s overall payments landscape for the better,” the report said.

In terms of the deployment of payment infrastructure, commercial banks deployed 16,175 ATMs in the country, an increase of 134 ATMs in the quarter. Meanwhile, the banking industry has deployed over 4,000 Point of Sale (POS) machines, reaching a record 67,099.

Bank branches

Regarding physical presence, the report states that there are 16,223 bank branches reported by banks / MFBs, of which 107 are overseas branches.

“All the branches except 35 offer online banking services to their customers.

“We have observed a decline in the number of branches, showing that the industry is slowly realizing the benefits of digital payment infrastructure that digital channels bring to the overall consumer experience and its impact on bottom lines. “

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