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Electronic banking up 80pc, mobile banking grows to Rs67.2b: SBP

Electronic banking up 80pc, mobile banking grows to Rs67.2b: SBP

KARACHI: The electronic/Internet and mobile banking is rapidly growing in Pakistan as Internet banking has increased to 80 per cent with 17 million transactions and mobile banking has grown to 149 per cent, reaching Rs 67.2 billion during the fiscal year 2013-14.

According to State Bank of Pakistan’s (SBP) Annual Payment System Review, retail payments also registered inspiring growth and POS Transactions reached 24 million, valuing Rs124 billion during the period under review. These transactions are 33 per cent higher in volume and 38.5 per cent in value. ATM transactions have increased 30 per cent to 258 million with the value of Rs.2.6 trillion. While, Call Centre & Interactive Voice Response (IVR) Banking has recorded 0.67 million volume and Rs9.5 billion value, reflecting 4pc growth in volume and 17pc increase in value.

The SBP report added that 98.5 million volume was witnessed in Real Time Online Banking (RTOB) transactions as its value was recorded Rs30.2 trillion, showing an increase of around 11pc each. Real-time gross settlement processed over 600,000 payments worth Rs149 trillion as compared to 488,018 transactions worth Rs162 trillion in 2012-13, showing an increase of 23pc while the value showed a decrease of 7.7pc.