According to the State Bank of Pakistan’s Annual Payment Systems Report, released on Friday, the value of mobile banking transactions increased 141% to Rs. 11.9 trillion for the fiscal year 2022. (FY22).
Raast’s 15 million P2P (Person to Person) registered users completed 7.9 million transactions totaling Rs. 102.1 billion.
Furthermore, the report states that in FY22, 8.4 million and 12.3 million mobile users used internet banking, respectively.
During the year, mobile banking transactions increased by 100.4% to 387.5 million, while internet banking transactions increased by 51.7% to 141.7 million.
The value of internet transactions increased by 81.1% to Rs10.2 trillion in 2021-22. Similar patterns were seen in e-commerce transactions.
The volume increased by 107.4% to 45.5 million, while the value increased by 74.9% to Rs 106 billion.
In FY22, a total of 32,958 Point of Sale (POS) devices were installed, resulting in a 45.8% increase in network size to 104,865. During this time, the number of e-commerce merchants registered with banks increased from 3,003 to 4,887.
In 2017, the country’s ATM network increased by 4.8%, reaching 17,133 machines. These figures are expected to rise even further in 2023, not only for ATMs but also for mobile banking.
Regardless, we will have to wait until the actual performance numbers are available before making meaningful comparisons.
According to the report, there were 15 million registered P2P Raast users as of June 2022, with 7.9 million transactions totaling Rs102.1 billion in value.
During FY22, the country deployed a total of 32,958 point of sale (POS) machines, expanding its network by 45.8% to 104,865.
During this time, the number of e-commerce merchants registered with banks increased from 3,003 to 4,887. According to the report, the country’s ATM network grew by 4.8% last year, reaching 17,133 ATMs.
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