KARACHI: While the mobile banking has been replacing fast the conventional banking financial transactions, the paper-based transactions also registered a growth of 24 per cent in the first quarter of the current fiscal FY21.

The State Bank of Pakistan on Thursday issued Quarterly Payment System Review for July-September 2020-21 indicating strong growth in digital financial transactions.

During the first quarter of FY21, the number of registered mobile phone banking users reached 8.9 million showing an increase of 41pc over the same period of last fiscal year.

The number of internet users of bank websites reached 4.3 million with a growth of 26pc over the same period.

Value of online transactions jumps 89pc to Rs1.1tr

The report said the mobile banking transactions increased to 36.4 million amounting to Rs908.7 billion, marking an increase of 139pc by volume and 211pc by value compared to the same period last year

The internet banking transactions increased to 18.9 million, valuing Rs1.1 trillion during the quarter under review, registering a growth of 55pc in volume and 89pc in value, said the SBP report.

The report said the high digital transaction growth also reflects the changes in consumer’s preference for digital transactions amid Covid-19 situation.

According to SBP report during the first quarter 253.7m e-banking transactions were conducted by customers valuing Rs19tr.

The SBP noted that a strong growth in e-commerce transactions as the number of transactions and their value grew by 77pc and 47pc when compared with same quarter of FY20.

The report also showed that the paper-based transaction during the quarter also increased by 21pc in terms of value.

Published in Dawn, December 4th, 2020

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...