According to Friday’s Annual Payment Systems Report, released by the State Bank of Pakistan, the value of mobile banking transactions jumped by 141% to Rs. 11.9 trillion for the financial year 2022 (FY22).
The 15 million P2P (Person to Person) Raast registered users carried out 7.9 million transactions, which amounted to a whopping Rs. 102.1 billion.
In addition, the report mentions that in FY22, 8.4 million and 12.3 million mobile banking users respectively used internet banking.
Transactions grew by 100.4%, to 387.5 million via mobile banking, and by 51.7%, to 141.7 million via internet banking during the year.
In 2021-22, the value of internet banking transactions increased 81.1% to Rs10.2 trillion. Similar trends were also observed in e-commerce transactions. The volume grew by 107.4% at 45.5 million, and the value grew by 74.9% at Rs 106 billion.
In FY22, a total of 32,958 Point of Sale (POS) devices were installed, which resulted in an increase of 45.8% in the network’s size to 104,865. From 3,003 merchants, the number of e-commerce merchants that were registered with banks rose to 4,887 during this time.
The country’s Automatic Teller Machine (ATM) network grew by 4.8% in 2017, reaching 17,133 ATMs. Going forward, these numbers are expected to grow even further in 2023, not just for ATMs, but for mobile banking as well.
Regardless, we will have to wait and see until the actual performance numbers appear before we can draw meaningful comparisons.
