Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 38 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Pakistan fast adopting digital modes of payment: SBP
November 09, 2017
 Print    Send to Friend

KARACHI: Pakistan is fast moving towards adopting digital modes of payment with the number of electronic transactions registering a 17 per cent year-on-year growth in 2016-17, stated the central bank in its annual performance review.

With the advent of mobile broadband technology, Pakistan has witnessed a surge in digital adoption with a number of ecommerce businesses as well as online methods of conducting payments deriving immense benefit.

Internet and mobile banking emerged on the horizon while ATM machines remained king of the ring in an otherwise, cash-based society.

“Following the global trends, the payment systems landscape in Pakistan has also transformed rapidly during last 6-7 years with stellar growth in payment cards, mobile, internet banking transactions,” the State Bank of Pakistan (SBP) said in the annual performance review.

Banks, businesses and consumers in the country made a total of 625.8 million transactions via electronic banking channels worth Rs37.1 trillion in fiscal year 2017.

This number is 17 per cent higher than 543.8 million transactions conducted in the prior year. However, the value of transaction remained flat.

Commercial banks, via their real-time online branches (RTOB), deposited and withdrew cash and transferred funds through intra-bank facility worth Rs31.1 trillion during the year via 143.6 million transactions during the year.

Internews

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Overseas Pakistanis provide Rs1b for dam projects
ISLAMABAD: Overseas Pakistanis (OSPs) have so far contributed around Rs1 billion while local individuals and institutions have donated Rs7.47 billion to the Diamer-Bhasha..
Pakistan, India should boost trade: World Bank
ISLAMABAD: The current level of trade between Pakistan and India is valued at a little over $2 billion, but it could be as high as $37 billion if both neighbours agree to..
Investors from France explore investment spots in Pakistan
ISLAMABAD: French Ambassador Marc Barety has said that the French investors are prepared to use different sectors in Pakistan for their benefits. Talking to Acting Sen..
Pakistan to solve tax issues of businesses
ISLAMABAD: Pakistan Finance Minister Asad Umar said that government has been striving hard to provide facilities to the business community and simplification of tax proce..
Pakistan’s IT industry reports rapid growth
ISLAMABAD: The Information Technology (IT) industry in Pakistan has witnessed phenomenal growth in the past 10-12 years during which its contribution reached 3.5% of tota..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright