HomeBusinessSBP reports use of e-banking in Pakistan growing

SBP reports use of e-banking in Pakistan growing

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The use of e-banking in Pakistan continues to evolve in all key sectors, especially with the introduction of digital banking in the second quarter of this financial year (FY22), supported by the joint efforts of the State Bank of Pakistan (SBP).

On Friday, the SBP released its second quarterly payment system report for the fiscal year, covering the period from October to December 2021. The report paints a grim picture of the spread of digital banking in the country.

According to the report, SBP’s Real Time Interbank Settlement Mechanism (PRISM) handled a total of 1.1 million transactions worth Rs 161.3 trillion in the large payments (wholesale) segment, reflecting quarterly growth (QoQ) over quarterly Shows 5.9% in volume and 1.4% in value.

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The increasingly favorable attitude of consumers towards the use of e-banking is on the rise due to the epidemic as the use of internet and mobile banking has increased the volume by double digits of 13.9% and 18.8% respectively.

The spread of e-banking was largely driven by 11.9 million mobile banking users and 6.9 million internet banking users, an increase of 5% and 0.3% based on quarterly growth indicators.

The report found that during the quarter under review, consumers continued to use e-banking, increasing by 10.7% of QoQ-based transaction volume and 22.8% of transaction value.

Adnan
Adnanhttps://lifeinpakistan.net/%20
Adnan is a passionate writer and analyst with a keen focus on current affairs, technology, and business developments in Pakistan. With a sharp eye for detail and a deep understanding of socio-economic trends, he provides insightful commentary on the issues shaping Pakistan's future. His work spans breaking news, in-depth tech reviews, and business analyses, offering readers a well-rounded perspective on Pakistan's evolving landscape. Whether covering startup ecosystems, government policies, or digital transformations, Adnan strives to deliver accurate, engaging, and thought-provoking content. Follow his writings to stay informed on the latest developments in Pakistan’s tech industry, economic shifts, and pressing national issues

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