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E-Banking Volume Grows 24PC in Oct-Dec FY21: SBP

According to the State Bank of Pakistan (SBP), there were 296.7 million e-banking transactions made during the second quarter (October to December) of the current fiscal year (2020–21), totaling Rs 21.4 trillion. This represents an increase of 22% in value and 24% in volume over the same period the previous financial year.

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The quarterly payment system review (QPSR) for the second quarter of the current fiscal year 2020–21 was published by the central bank.

The survey claims that internet and mobile banking saw the greatest growth in e-banking transactions. In comparison to 17.8 million transactions valued at 382.5 billion in the same quarter last year, the number of mobile banking transactions reached 44 million (up 147%) and were worth Rs. 1.12 trillion (up 192%).

9.4 million people have registered to utilise mobile phone banking, a 5 percent increase. Likewise, 22 million internet banking transactions of Rs1.3 trillion were registered during this time period as opposed to Rs1.1 trillion during the preceding quarter.

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SBP will continue supporting digitization in Pakistan in accordance with its stated goals to digitise payment and financial services, and it anticipates industry participation. This will improve convenience and financial inclusion for all Pakistanis.

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