Expanding mobile and home broadband services in Pakistan has increased the overall broadband usage in Pakistan which pushes the mobile and internet banking further, increasing the smartphone adoption has also played a critical role in utilizing the online financial and banking services.
The mobile phone users in Pakistan have crossed 150 million marks by the end of June 2018, according to the Pakistan Telecommunication Authority (PTA). In Pakistan, roughly 19 banks are providing mobile and internet banking services to their consumers. The total number of registered mobile banking users has reached 3.1 million in March 2018.
The online users have processed 5.9 million transactions worth Rs112.8 billion using mobile banking applications. The overall transactions grew by 12.2 percent in volume and 23 percent in value.
An official from IT ministry said mobile banking services are providing convenience to customers also helping the banking industry to reduce their costs and improve their efficiency.
Further expansion of high-speed broadband in the country, spreading awareness among customers, providing incentives to use internet mode and enhancing security measures could take the online banking to the new heights, he added.
Banks and financial institutions and regulatory authorities such as FBR and SBP should work together to utilize the potential of internet banking in Pakistan which could improve the money flow in the country.