E-Banking Transactions Post 58% Growth in Q3FY22

The State Bank of Pakistan (SBP) Thursday released its third quarterly report of Payment Systems for the fiscal year 2021-22 , covering the period from January to March 2022 (Q3FY22). During the quarter under review (Q3FY22), total e-banking transactions saw a 57.5 percent growth in value on a year-on-year (YoY) basis.

The report presents an overall viewpoint of growing digital adoption in the country as SBP continues to promote a robust and efficient payments ecosystem in the country.

During the quarter under review (Q3FY22), total e-banking transactions witnessed a growth of 2.6 percent in volume and 6.5 percent in value on a (quarter-on-quarter) QoQ basis, while the overall growth was 32.7 percent in volume and 57.5 percent in value on a year-on-year (YoY) basis.

Further bifurcation shows that a major portion of this growth was driven by the continuing widening of internet banking and mobile banking transactions. The number of registered internet banking users reached 7.6 million, showing a growth of 10.6 percent, resulting in a double digit-growth of 13.5 percent and 19.9 percent in volume and value of transactions, respectively, 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, which amounted to a growth of 8.1 percent and 5.4 percent respectively on a QoQ basis.

Under retail sector, point-of-sale (PoS) transactions continued to show an upward trend. During this period, the number of PoS terminals installed reached 96,975, as compared to 92,153 in the previous quarter, showing an increase of 5.2 percent.

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

The number of ATMs reached 16,897 with a transaction volume and value of 171.3 million and Rs. 2,437 billion, respectively. Similarly, the number of e-commerce merchants on board with banks also showed a double-digit growth of 12.0 percent, reaching 4,445. A total of 9.1 million e-commerce transactions were conducted, which amounted to Rs. 27 billion during the quarter. Both volume and value showed an impressive growth of 62.8 percent and 77.1 percent, respectively, on a YoY basis, in the case of e-commerce transactions.

Paper-based transactions declined by 2.9 percent in volume though its value remained almost at the same level, posting only 0.6 percent growth over the previous quarter. In the case of RTGS (PRISM), the real-time gross settlement system of Pakistan, a total of 1.08 million transactions amounting to Rs. 155.7 trillion were processed.

A total of 47.2 million payment cards were in circulation at the quarter end of Q3FY22. Those payment cards are mostly comprised of debit cards (62.3 percent), social welfare cards (23.3 percent), ATM-only cards (10.3 percent), credit cards (3.7 percent), and lastly, pre-paid cards (0.3 percent).



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