Karachi: The State Bank of Pakistan on Thursday released its third quarterly report of Payment Systems for the Fiscal year 2021-22, covering the period January to March 2022. The report established that the third quarter witnessed an increase of 2.6 per cent in volume and 6.5 per cent in value on a QoQ basis, while the overall growth was 32.7 per cent in volume and 57.5 per cent in value on a YoY basis.
“The report presents an overall viewpoint of growing digital adoption in the country as SBP continues to promote robust and efficient payments ecosystem in the country.”
1/2 #SBP issues Q3FY22 report on Payment Systems that shows growing digital adoption in Pakistan. Overall e-banking transactions volume grew by 2.6% whereas value by 6.5% while the overall growth was 32.7% in volume and 57.5% in value on YoY basis. pic.twitter.com/ITjzDZyCit
— SBP (@StateBank_Pak) June 16, 2022
Giving further details about the adoption of the e-banking system across the country, the report added that a significant portion of this growth was driven by “continuing widening in internet banking and mobile banking transactions.” The number of registered internet banking users reached 7.6 million showing a growth of 10.6 per cent, resulting in a double-digit growth of 13.5 per cent and 19.9 per cent in volume and value of transactions, respectively, on a QoQ basis. Through this channel, a total of 38.3 million transactions worth Rs 2,906.9 billion were processed.”
Mobile banking transactions volume was 101.5 million with a value of Rs 3,085.8 billion which amounted to a growth of 8.1 per cent and 5.4 per cent, respectively, on a QoQ basis.
“Paper-based transactions declined by -2.9% in volume, though its value remained almost at the same level posting only 0.6% growth over the previous quarter. In [the] case of RTGS (PRISM), the real-time gross settlement system of Pakistan, a total of 1.08 million transactions amounting to PKR 155.7 trillion were processed.”