Online banking shows 20% growth in Q3: State Bank

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KARACHI: The State Bank of Pakistan (SBP) said internet banking transactions registered a 20% growth in the third quarter of the current financial year.

According to the report, the volume of online banking transactions increased to 2.9 trillion rupees at the end of the January-March quarter of 2022 from 2.42 trillion rupees in the October-December quarter of 2021.

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The SBP on Thursday released its third quarterly report on payment systems for the fiscal year 2021-22 covering the period from January to March 2022. The report presents a general view of the growing digital adoption in the country as the SBP continues to promote a robust and efficient payment ecosystem. in the country.

During the quarter under review (Q3-FY22), total online banking transactions grew by 2.6% in volume and 6.5% in value on a quarterly basis, while overall growth was 32.7% in volume and 57.5% in value. on an annual basis.

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A further fork shows that much of this growth has been driven by the continued expansion of internet banking and mobile banking. The number of registered Internet banking users reached 7.6 million, posting a growth of 10.6%, leading to double-digit growth of 13.5% and 19.9% ​​respectively in volume and value of transactions on a QoQ basis.

Through this channel, a total of 38.3 million transactions worth Rs. 2,906.9 billion were processed. Mobile banking transaction volume was 101.5 million with a value of Rs. 3,085.8 billion, growing by 8.1% and 5.4% respectively on a quarterly basis.

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In the retail sector, point-of-sale transactions continued to trend upward. During this period, the number of POS terminals installed reached 96,975 compared to 92,153 in the previous quarter, an increase of 5.2%.

Through these POS terminals, a total of 38.3 million transactions were processed, which was equivalent to Rs. 189.7 billion in value. This shows a quarterly growth of 21.9% in volume and 6.5% in transaction value.

The number of ATMs reached 16,897 with a transaction volume and value of 171.3 million and Rs. 2,437.0 billion respectively. Similarly, the number of e-commerce merchants onboarded from banks also posted double-digit growth of 12.0% to 4,445.

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A total of 9.1 million e-commerce transactions were made, which equates to Rs. 27 billion during the quarter. Volume and value showed an impressive growth of 62.8% and 77.1% respectively, on an annual basis, in the case of e-commerce transactions.

Paper transactions decreased by -2.9% in volume, although their value remained almost at the same level, posting a growth of only 0.6% compared to the previous quarter. In the case of RTGS (PRISM), Pakistan’s real-time gross settlement system, a total of 1.08 million transactions amounting to PKR 155.7 trillion were processed.

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A total of 47.2 million payment cards were in circulation at the end of the third quarter of FY22. These payment cards consisted primarily of debit cards (62.3%), welfare cards ( 23.3%), ATM cards only (10.3%), credit cards (3.7%) and finally prepaid cards (0.3%). .

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