Pakistan sees boom in digital payments: Xinhua

Photo of a mobile phone shop in the southern Pakistani port city of Karachi on December 24, 2022. (STR/Xinhua)

Pakistan has seen growth in both online payments and e-commerce transactions, as the number of mobile phone and internet banking users reached 8.4 million and 12.3 million, respectively.

ISLAMABAD, Dec 26 (Xinhua) — With the increasing use of mobile phones and internet, Pakistan has witnessed a rise in digital payments during the financial year 2021-22 (July 2021-June 2022), according to State Bank of Pakistan officials. (SBP).

Officials on Saturday quoted a report by the SBP as saying that the SBP has taken appropriate measures in recent years to strengthen the payment system infrastructure and regulatory framework in the country, resulting in increased access to financial services for customers. and the cost of financial services has come down.

The number of mobile phone and internet banking users reached 8.4 million and 12.3 million, respectively, during the financial year 2021-22, according to the report, adding that in terms of transactions, mobile phone banking grew by 100.4 per cent to 387.5 million, while Internet banking grew 51.7 percent to 141.7 million during the year.

By value, mobile phone banking and internet banking grew by 141.1 per cent and 81.1 per cent, reaching Rs 11.9 trillion (US$52.8 billion) and Rs 10.2 trillion, respectively, the report said.

A woman shows a mobile phone in the southern Pakistani port city of Karachi on December 24, 2022. (STR/Xinhua)

A similar trend was also observed in e-commerce transactions, as the volume grew by 107.4 per cent to 45.5 million and the value by 74.9 per cent to Rs 106 billion, the report said.

Similarly, the number of e-commerce merchants registered with banks increased from 3,003 to 4,887 during this period. The Automated Teller Machine (ATM) network in the country also grew by 4.8 per cent to reach 17,133 ATMs during the last financial year.

The central bank said measures such as promoting and developing interoperable payment infrastructure, issuing enabling regulations especially for retail payment providers, ensuring trust and security of digital payment channels, and promoting new technologies will help the South Asian countries. There has been a boom in digital payment systems. country. (1 US dollar is equal to 225 Pakistani rupees)

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