Mobile Banking Transactions Increase by 5% in 2nd Quarter of FY16

State bank of Pakistan (SBP) released the Payment System Statistics report. According to that report Pakistani banking consumers made Rs 25.9 billion worth of banking transactions in second quarter (January-March) of FY16 which is an increase of 4.80% as compare to first quarter of this fiscal in which Mobile transaction was of Rs 24.7 billion. Banking transactions through cell phones has become a popular mode of payment in Pakistan as the introduction of 3G/4G has pushed mobile banking transactions up by 5 % to Rs 26 billion in second quarter of fiscal year 2015-16 (FY16).

Mobile Banking Transactions Increase by 5% in 2nd Quarter of FY16

E-banking transactions also witnessed significant growth by 11.32% in second quarter as Rs 9.45 trillion worth of transaction have been made in first three months of this year by the banking consumers as compared to Rs 8.50 trillion in last quarter of 2015. Payment through mobile increased by 2.25% to Rs 733 million against Rs 717 million in previous quarter, similarly account-to-account fund transfer through mobile increased by 5.46% and 3rd party account to account funds transfer also went up by 0.8%.

However, utility bills payments through mobile phones witnessed a decline of 17.57 % in second quarter of this fiscal.

As per the increase in e-banking there is also a decrease in Automated Teller Machine (ATM) transactions. ATM transactions showed a decrease of 2.41% in volume and 3.51% in value as compared to last quarter of FY16. The volume of Real Time Online Banking (RTOB) transactions rose from 29.5 million to 32.7 million whereas the value increased by 13.5% i.e. Rs 7.2 trillion to Rs 8.2 trillion caused by increase in real time cash withdrawals and deposits and inclusion of Microfinance Banks (MFBs) data in payment system statistics. Non-financial transactions declined by 4.34%.

During the second quarter of current fiscal year, the network of ATMs continued to grow reaching from 10,099 to 10,736. Moreover, 5,689 POS machines were added to the network, showing a growth of 12.82% as compared to first quarter of FY16. The number of cards issued by banks has also increased by 16.27%, reaching the total of 33 million by the end of the quarter under review.

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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