Electronic Money Transfers Go Down in Pakistan

EpikoiniaBoth electronic and paper-based deals in Pakistan’s banking sector decline during July-September 2010, reflecting limited business activity amid higher interest rates, said a report issued by State Bank of Pakistan.

The value of paper-based retail payments during the quarter under review fell by over 12 percent to Rs35.60 trillion against the previous quarter, the central bank said on Tuesday. Similarly the value of eBanking transactions went down by around 4 percent.

The volume and value of eBanking transactions in the country during the quarter remained 52.58 million and Rs. 4.7 trillion, respectively, showing a decline of 1.89 percent in volume and 3.56 percent in value. This is contrary to the previous quarter when 6.2 and 7.7 percent growth were recorded in volume and value.

The contribution of ebanking payments in total retail payment transactions was 39.8 percent in terms of volume and 12.65 percent in terms of value.

The value of ATM transactions increased by around five percent, while maintaining the number of transactions at the level of the previous quarter, thus, increasing the average value per transaction to Rs8,486 against Rs8,037 during the previous quarter. The contribution of other modes of eBanking is also on the rise despite comparatively insignificant numbers and aggregates value of transactions.

The utility bills payments through available modes (ATMs, internet, mobiles, etc) of eBanking transactions are also growing.

The total value of credit cards transaction has, however, decreased by one percent against the previous quarter.

Via The News