Pakistan is witnessing an increase in digital payments – Xinhua

On December 24, 2022, a mobile phone shop is seen in the South Pakistani port city of Karachi. (Str/Xinhua)

Both online payments and e-commerce transactions in Pakistan have increased as the number of mobile phone and internet banking users reached 8.4 million and 12.3 million respectively.

ISLAMABAD, Dec. 26 (Xinhua) — Due to the increased use of mobile phones and the internet, Pakistan witnessed an increase in digital payments during fiscal year 2021-22 (July 2021-June 2022), according to State Bank of Pakistan officials (SBP).

The SBP has taken appropriate measures in recent years to strengthen the payment system infrastructure and regulatory framework in the country, leading to better accessibility and lower costs of financial services for customers, especially through digital channels, the officials said under Saturday. reference to a report by the SBP.

According to the report, the number of mobile phone and internet banking users reached 8.4 million and 12.3 million respectively in fiscal year 2021-2022, adding that in terms of transactions, mobile banking increased by 100.4 percent to 387.5 million , while internet banking grew 51.7 percent over the year to 141.7 million.

In terms of value, mobile banking and internet banking grew by 141.1 percent and 81.1 percent, reaching 11.9 trillion rupees ($52.8 billion) and 10.2 trillion rupees, respectively, the report said.

A woman displays a mobile phone in the South Pakistani port city of Karachi on December 24, 2022. (Str/Xinhua)

E-commerce transactions also witnessed similar trends as volume grew by 107.4 percent to Rs 45.5 million and value by 74.9 percent 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 the period. The Automated Teller Machines (ATM) network in the country also grew 4.8 percent during the past fiscal year, reaching 17,133 ATMs.

The central bank said measures such as promoting and developing an interoperable payment infrastructure, issuing facilitating regulations specifically for retail payment providers, ensuring the trust and security of digital payment channels and promoting new technologies have led to a increase in digital payment systems in South Asia. country. (1 US dollar is equal to 225 Pakistani rupees)

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