Mobile banking users in Pakistan grow by 8%
The State Bank of Pakistan (SBP) released its Quarterly
Payment Systems Review for the second quarter of the financial year 2023-24,
revealing notable progress in Pakistan's payment landscape. Mobile banking
users grew by 8% to reach 16 million, while internet banking users reached 11
million, marking a quarterly growth of 5%.
The report underscores the increasing adoption of digital
payment methods among Pakistanis, with mobile and internet banking emerging as
the preferred modes of digital transactions. This growth in user base also saw
a corresponding 15% increase in the number of e-wallets registered with
Electronic Money Institutions (EMIs), totaling 2.7 million during the quarter.
State
Bank of Pakistan (SBP) appreciates impressive growth in mobile and internet
banking
Furthermore, branchless banking service providers registered
over 67 million m-wallets, indicating a strong penetration of digital financial
services across the country.
Retail transactions processed by banks, microfinance banks
(MFBs), and EMIs witnessed a significant quarterly growth of 15%, compared to
5% in the previous quarter. Digital transactions constituted 82% of overall
retail transactions, reflecting a continuous shift towards digital payment
methods.
Notably, digital channels accounted for more than 90% of
retail fund transfers and 73% of bill payments/mobile top-ups during the
quarter, underscoring the increasing reliance on digital platforms for
financial transactions.
Asaan
Mobile Account leads the way with 7 million new accounts in Pakistan in 2023
The report highlights the contributions of the instant
payment system Raast and the real-time gross settlement system (PRISM) in
expanding digital financial services nationwide. Raast facilitated over 107
million fund transfer transactions, amounting to more than Rs2 trillion in the
second quarter of FY24. Meanwhile, the RTGS system processed 1.5 million
large-value payments, totaling Rs273 trillion during the same period.
Source: Express Tribune