Tag: online transactions

  • Mobile banking grows by 100% during FY22 in Pakistan

    Mobile banking grows by 100% during FY22 in Pakistan

    According to the State Bank of Pakistan’s (SBP) Annual Payment Systems Review, the size of the digital payments ecosystem witnessed massive increase over the previous fiscal year. The report reveals that internet banking expanded by 51.7 per cent to 141.7 million users in FY22, while mobile phone banking increased by 100.4 per cent to 387.5 million.

    There were 15 million P2P (Person-to-Person) Raast users registered, who carried out 7.9 million transactions worth Rs102.1 billion.

    The report also notes that during FY22, there were 8.4 million and 12.3 million users of mobile phones and internet banking, respectively.

    In terms of transactions, mobile phone banking increased by 100.4 per cent to 387.5m, while internet banking grew by 51.7 per cent to 141.7m during the year.

    In 2021–2022, internet banking transactions had a value of Rs10.2 trillion, increasing 81.1 per cent. The volume of e-commerce transactions increased by 107.4 per cent to 45.5 million, and the value increased by 74.9 per cent to Rs106 billion.

    A total of 32,958 point-of-sale devices were installed during FY22, which caused the network to grow by 45.8 per cent to 104,865. The number of online retailers registered with the banks increased over this time from 3,003 to 4,887. The nation’s ATM network expanded by 4.8 per cent during the course of the year, totaling 17,133 machines.

  • All banks to remain open this Saturday

    All banks to remain open this Saturday

    State Bank of Pakistan has recently announced that all banks and their branches would be open on Saturday, April 30, 2022.

    In accordance with SBP’s orders incorporated in Banking Policy and Regulations Department (BPRD) Circular Letter No. 11 of 13 April 2022, all banks and their branches will remain open on Saturday, April 30, 2022.

    Following the announcement by the Pakistani government of public holidays on the occasion of Eid-ul-Fitr from May 2 to May 5, the general public is encouraged to conduct their banking transactions on Saturday, April 30, 2022.

    Read more: Pakistan’s forex reserves inch up to $17.05 billion

    Moreover, banks have been advised to make Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking, and Internet Banking available 24 hours a day, seven days a week during the Eid holidays.

  • SBP waives off online transaction charges amid coronavirus outbreak

    SBP waives off online transaction charges amid coronavirus outbreak

    The State Bank of Pakistan (SBP) on Wednesday waived all charges on fund transfers through online banking channels to avoid the use of cash. The national bank’s decision comes after health experts urge the public to practise social distancing in order to prevent the virus from spreading.

    As per reports, the SBP made this move to minimize the use of cash to contain the spread of virus amongst bank staff and customers.

    Furthermore, under the guidelines issued by the central bank, customers using ATMs or visiting bank branches for transferring large amounts will not incur any charges.

    The state bank further advised the financial sector “to immediately facilitate education fee and loan repayments through internet banking or mobile devices.”

    The SBP in a statement said, “The objective of these measures is to reduce the need for visiting bank branches or the ATMs and to promote the use of Digital Payment Services such as internet banking, mobile phone banking, etc”.

    For this, the SBP has advised all banks to ensure availability of the alternate delivery platforms including ATMs, POS, payment gateways, internet banking, mobile banking and call centers for customers at all times.