Digital payments continue brisk growth: SBP

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The State Bank of Pakistan (SBP) released its first quarterly report of payment systems for the fiscal year 2021-22 covering the period July – September, 2021. The report shows that Pakistan’s payment ecosystem, especially through digital platforms, continued its brisk pace of growth.

E-banking defined as transactions conducted via electronic channels (including Real-time Online Branches, ATMs, mobile banking, internet banking, call center banking, POS and e-Commerce), continued to thrive in both volume and value during the quarter under review as it grew by 12% and 16% respectively in Q1-FY22 over the same quarter of FY21.

Two major areas where high adoption in digital payments were witnessed are mobile and internet banking. The number of mobile banking users grew by 4% on quarter over quarter (QoQ) basis, reaching a total of 11.3 million. The number of transactions conducted via mobile banking channels was 79.1 million with a value of around PKR2.2 trillion, showing a QoQ growth of 29% by volume and 36% by value.

Internet banking also contributed to the upswing in usage of e-Banking services by registering 31% QoQ growth in internet banking users who conducted 30 million transactions amounting to PKR1.9 trillion.

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