Pakistan witnessing increase in digital payments across the country
Pakistan’s payment system is
experiencing significant progress in the adoption of digital payment channels,
with the digital user base showing remarkable average growth of eight percent
in the third quarter of the last fiscal year (July 2023 to June 2024).
By the end of the quarter, there
were 59 million branchless banking mobile application users, 17 million mobile
banking application users, 11 million internet banking users, and three million
electronic money institution (EMI) e-wallet users, according to the State Bank
of Pakistan’s quarterly payment systems report for the third quarter
(January-March 2024) of the previous fiscal year.
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seeing growing trend of digital payments
Digital transactions accounted for
83 percent of total retail payments for the quarter, processed by banks and
EMIs. The remaining 17 percent of transactions were conducted over-the-counter
at bank branches. In total, banks and EMIs processed 844 million retail
payments during the quarter.
Source: https://borneobulletin.com.bn/