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.
2/2 Mobile banking volume were up by 18.8% & value by 35.4%. Similarly, internet banking volume increased by 13.9% & value by 28%. See PR: https://t.co/H7eqqJfRM6
— SBP (@StateBank_Pak) April 15, 2022
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.
