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Pakistan fast adopting digital modes of payment: SBP
November 09, 2017
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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

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