E-banking transactions in Pakistan witness growth in Q3 FY 23: central bank-Xinhua

E-banking transactions in Pakistan witness growth in Q3 FY 23: central bank

Source: Xinhua| 2023-05-30 13:31:30|Editor: huaxia

ISLAMABAD, May 30 (Xinhua) -- The digital payment ecosystem of Pakistan continued to grow as the overall e-banking transactions witnessed growth in the third quarter (Q3) of the fiscal year 2023 starting from July 2022 to June 2023, according to the State Bank of Pakistan (SBP).

The e-banking transactions increased by both volume and value due to increasing collaboration between banks and fintech companies and the provision of efficient, accessible and user-friendly digital payments platform for customers, the SBP said on Monday.

The SBP stated that the volume of overall e-banking transactions increased by 4.3 percent while the value of the transactions surged by 11.2 percent in Q3, which covered the period from January to March 2023.

There were 9.3 million internet banking, 15.3 million mobile phone banking and 48.4 million branchless banking app users, the SBP said, adding that holders of e-wallets, issued by Electronic Money Institutions, also reached 1.6 million.

On the other hand, the volume of paper-based transactions declined from 95.5 million in the second quarter of the fiscal year 2023 to 94.3 million in Q3 of the fiscal year 2023.

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