The mobile banking transactions in Pakistan during the first quarter of FY21 observed a hype of 139% by volume comparing to the quarter of FY20. The volume was recorded to be 36.4 million amounting to Rs. 908.7 billion.
A report from the State Bank of Pakistan (SBP) shared this data and is highly valuing the increase in mobile banking transactions. The bank also shared that the hype was seen after the pandemic of the year.
According to the report, some 253.7 million e-Banking transactions were made during the period and the value of these transactions were Rs. 19 trillion.
E-Banking is highly based on transactions via ATMs, Real-time Online Branches, internet banking, mobile phone banking, eCommerce, POS, and call center / IVR banking.
In this regard, the contribution from mobile banking were valued at Rs. 908.7 billion which is 211% higher than previous year’s period. Whereas the internet banking contributed a total transaction of 18.9 million valuing Rs. 1.1 trillion during the same period.
This rise in online digital banking is welcoming new startups and offering convenience to users. Users are now highly moving towards digital currency. This tends to reduce the burden of carrying hard cash and also help reduce street crimes.
It is also reported that other sources of digital transactions have major contributions here.