Pakistan now has got more than fourteen thousand ATMs for facilitating the users in terms of providing them with the ease of transferring funds and cash withdrawal.
The Pakistani banks have extended their networks of ATM which has now crossed the milestone of 14,000 at the end of this fiscal year of 2017-2018. These ATMs provide cash withdrawal service, transfer of funds and utility of bill payments, etc in the various cities of the country.
As per the latest data shared by the State Bank of Pakistan, the number of ATMs owned by thirty-two banks both conventional and Islamic has exceeded the mark of 14,019. These banks have added one thousand three hundred and thirty ATMs at the various locations of cities and remote areas of Pakistan during the financial year 2017-18 which displayed a double-digit with a year-on-year growth of 11.5 per cent. While the number of ATMs was twelve thousand six hundred and eighty-nine by the end of the last fiscal year of 2016-17.
The ATMs also provides services at cheaper rates which urges the banks to grow their networks for providing services to their customers. However, the operating costs of ATMs are quite high in the country as they provide twenty-four/seven services which always requires the availability of electricity and internet service.
According to the report, during the financial year 2017-18, ATMs processed rupees 470.6 million in transactions thus increasing the overall transactions to rupees 5.5 trillion. These transactions indicated a year-on-year growth of 18.3 per cent by volume and 21.6 per cent by value.
Among these ATMs, 81.1 per cent were installed on-site and 19.9 per cent were installed off-site, which were installed at the different corporate offices, shopping malls, hospitals etc.
Moreover, there are two thousand three hundred and twenty-four ATMs equipped with sensors which ask for the biometric authentication of the person. Additionally, there were fifty-two Cash Deposit Machines (CDMs) with dual functionality of cash withdrawals and deposits.
However, in spite of the availability of a large number of ATMs installed in the country, cash withdrawals still have the highest volume of transactions which has lead to a reduction in the dependence on branches in the banking sector.