Online banking transactions jump from 24pc to Rs21.4tr – Journal
KARACHI: In the second quarter of the current fiscal year (2QFY21), 296.7 million online banking transactions worth 21.4 trillion rupees were completed, registering a 24% growth in volume and 22pc in value compared to the same period last year, a report released by the State Bank said Thursday.
The quarterly review of the SBP’s payment system indicated that strong growth was observed in the country’s digital financial transactions during the October-December FY21 fiscal year. The central bank has strived to achieve the goal of maximizing the digitization of financial transactions.
Most of the rise in online banking has been seen in internet and mobile banking, according to the report. He added that the volume of mobile banking transactions reached 44 million, up 147 percent with a 192 percent increase in value to Rs 1.12 trillion. During 2QFY20, 17.8 million transactions worth Rs382.5 billion took place.
The number of registered users of mobile banking services reached 9.4 million, an increase of 5%. Likewise, 22 million Internet banking transactions worth Rs 1.3 tr were recorded during this period, compared to Rs 1.1 tr in the first quarter of fiscal year 21 (1QFY21).
In response to SBP measures to encourage the installation of point-of-sale (POS) machines to facilitate digital payments by debit or credit card, the number of point-of-sale terminals reached 62,480, showing growth. remarkable 18 pc during fiscal year 2QFY21.
“On these POS machines, 23 million transactions amounting to 115 billion rupees were processed in the second quarter of FY21, showing the positive impact of pro-market policies adapted by SBP, particularly targeted on increasing the payment acceptance infrastructure in Pakistan, ”SBP magazine added.
Card transactions on e-commerce portals have also increased significantly, with online merchants processing 5.6 million payment card transactions amounting to 15 billion rupees, compared to 3.9 million worth 11 , 9 billion rupees at 1TFY21. This marks a change in the behavior of the Pakistani people and also complements the Pakistani government’s efforts to develop a more market-friendly landscape towards the acceptance of payments by online merchants, the SBP journal noted.
The total number of payment cards issued in the country stood at 44 million, including 27.6 million debit cards and 1.7 million credit cards. 7.6 million social assistance cards have been issued by banks. In recent years, digital payment transactions in Pakistan have experienced significant growth, reflecting the favorable impact of SBP policies on changing customer preferences, the review added.
The expansion of digital payment infrastructure as well as the emergence of new payment aggregators have played a big role in this growth.
“In line with its stated goals of digitizing payment and financial services, SBP will continue to promote digitization in the country and expects the industry to support these efforts which will increase convenience and financial inclusion for all Pakistanis. “, says the report.
Posted in Dawn, le 19 March 2021