Mobile Banking Users Increase by 8% to Reach 16 Million
By
March 15, 2024
In the second quarter of the fiscal year 2023-24, mobile banking users reached 16 million, while internet banking users reached 11 million, showing an increase of 8% and 5% respectively. This growth was highlighted in the Quarterly Payment Systems Review released by the State Bank of Pakistan (SBP), which also provided an overview of digital payments in Pakistan.
Mobile and internet banking are the preferred ways for Pakistanis to conduct digital transactions. This growth in users led to a 15% increase in e-wallet registrations with Electronic Money Institutions (EMIs), reaching 2.7 million during the quarter. Additionally, over 67 million mobile wallets were registered with branchless banking service providers.
Retail transactions processed by banks, microfinance banks (MFBs), and EMIs saw a significant 15% quarterly growth, with digital transactions accounting for 82% of all retail transactions. However, over-the-counter transactions still made up 85% of the total in terms of value.
Raast and the real-time gross settlement system (PRISM) played crucial roles in facilitating digital financial services. Raast processed 107 million fund transfer transactions totaling over Rs2 trillion, while RTGS handled 1.5 million large-value payments amounting to Rs273 trillion during the same period.
