Online banking transactions increase by 22.8% in October-December 2022

KARACHI: Electronic banking transactions increased by 22.8% to reach 33.4 trillion rupees in the second quarter of this financial year, helped by the continued trend of customers using digital payments, the central bank said on Friday.

These transactions amounted to 27.2 trillion rupees in the previous quarter.

Increasingly favorable customer behavioral trends towards digital payments accelerated by the pandemic appear to be consolidating, according to the State Bank of Pakistan’s second quarterly report on payment systems for the financial year 2021/22 . It presents an encouraging picture of the adoption of digital banking in the country.

He said the volume of online banking transactions increased by 10.7 percent to 400 million. Online banking services include transactions conducted through electronic channels, including real-time online branches, ATMs, mobile banking, Internet banking, call center banking, points point of sale (POS) and e-commerce.

The number of mobile banking transactions stood at 94 million, while the value reached Rs 2.2 trillion, growing by 18.8% and 35.4% respectively on a quarterly basis. Meanwhile, the number of mobile banking users grew by 5 percent on a quarterly basis, reaching a total of 11.9 million users, according to the report.

The number of Internet banking users reached 6.9 million, carrying out 33.8 million transactions, amounting to Rs 2.4 trillion, resulting in a strong growth of 13.9 % in terms of volume and a 28% increase in the value of these transactions compared to the previous quarter. added.

The retail industry also continued its surge in the adoption of digital payments. In the fiscal year 2022 from October to December, a total of 31.4 million transactions worth Rs 178.1 billion were processed through 92,153 POS terminals. This shows impressive double-digit growth of 11.8% in volume and 32.1% in value.

Similarly, the number of e-commerce merchants also increased by 32.6% to a total of 3,968. The integration of QR merchants has been a major contributor to this growth. These merchants processed 13.6 million transactions worth Rs 26.7 billion, showing growth of 7.2% in volume and 19.8% in value, according to the report.

At the end of December 2022, there were 5.4% more cards than in the previous quarter, reaching 48.6 million cards in circulation, composed mainly of debit cards (63.5%), aid cards social (22.8%), ATM cards only (9.9%), credit cards (3.6%) and prepaid cards (0.3%), notes the report.

“The growth of online banking transactions is much stronger than that of paper-based transactions, although the value of transactions is higher in the case of subsequent transactions. The volume and value of paper-based transactions increased by 3.4 % and 12.2%, respectively,” he said. However, paper-based transactions increased to 46.7 trillion rupees in October-December FY2022 from 41.6 trillion rupees it a quarter ago.

During the second quarter of this fiscal year, SBP’s Real-Time Interbank Settlement Mechanism (PRISM), Large Value (Wholesale) Payments segment, processed a total of 1.1 million transactions amounting to 161.3 trillion rupees, showing growth of 5.9% in volume and 1.4% in value.

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