CW Pakistan
  • Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
Instagram
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • TechAdvisor
Subscribe
CW Pakistan
CW Pakistan CW Pakistan
  • Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Business
  • Computerworld
  • PC World
  • Technology

Online banking surges drastically

  • December 12, 2020
  • 3 minute read
Total
0
Shares
0
0
0

In Pakistan, the number of registered online banking users increased by 36 percent to 13.22 million, increasing the volume of digital financial transactions to over Rs2 trillion compared to the same quarter last year, in the midst of the Covid-19 pandemic during the quarter ended September 30, 2020.

 

State Bank of Pakistan (SBP), as part of the Payment System Review for the first quarter (Jul-Sept) of current fiscal year 2020-21, said in a release on Thursday, “The increase in transactions through internet and mobile banking channels has been quite promising. These channels have provided an easy and round-the-clock alternative to the customers to fulfill their daily financial and banking needs during the Covid-19 pandemic.”

 

It further stated, “It is expected that the rising trend will continue in the next quarter as well due to the steps taken by the State Bank of Pakistan to promote digitisation during these difficult times.”

 

In addition, in the quarter under review, the total number of e-banking transactions increased to 253.7 million valued at around Rs19.12 trillion, compared to 206.5 million transactions valued at Rs15.27 trillion during the quarter ended June 2020.

 

The figures showed a rise of about 23 percent in volume and 25 percent in value on a quarter-on-quarter basis, according to the study.

 

Real-time online branches (RTOBs) transactions, ATM transactions, internet banking transactions, cell phone banking transactions, e-commerce, point of sale (POS) and call center/IVR banking are part of e-banking transactions.

 

ATM transactions had the largest share of 53 per cent in the amount of transactions among the total number of e-banking transactions, the central bank said.

 

While revealing to The Express Tribune, information and communication technology (ICT) firm SI Global CEO Noman said, “The growth in online payment system is seemingly sustainable. The credit for tremendous growth in internet banking during Covid-19 goes to the central bank.”

 

The CEO also added, “Policymakers at SBP should ensure that banks, especially smaller ones, deploy enough security features to keep online banking users safe from cyberattacks,”

However the possibility of cybercrime has increased following a substantial growth in Pakistan’s number of internet banking users. Lately, banks have introduced a number of online products which can be accessed on smartphones. On this note, the CEO further has to say, “To achieve financial inclusion targets, banks should also introduce products for those people who have low-end phones and are financially illiterate.”

 

Moreover, with a rise of 26 percent over the same period, the number of internet users on bank websites reached 4.3 million.

 

Mobile banking transactions rose to 36.4 million during the quarter under review and were valued at about Rs908.7 billion, reflecting an increase of 139 percent in volume and 211 percent in value compared to the same time last year.

 

The central bank announced that during the first quarter of FY21, the number of registered mobile phone banking users reached 8,9 million, an increase of 41 percent over the same quarter of the previous fiscal year.

 

During the quarter, internet banking transactions rose to 18.9 million, valued at Rs1.1 trillion, with a rise of 55% in volume and 89% in value compared to the same duration last year.

 

Total transactions in the country, including online and paper transactions increased to Rs147.69 trillion (Rs351.8 million) during the quarter ended September30,2020, compared to Rs136.13 trillion (Rs285.7 million) in the previous quarter. The figures show a rise of 23 percent in volume and 8 percent in value on a quarter-on-quarter basis, according to the central bank.

 

Reference links: tribune.com.pk

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • Online
  • Online Banking
  • Pakistan
  • Transactions
Previous Article
  • Computerworld
  • PC World
  • Technology
  • Wired

WikiGap Pakistan Online Challenge

  • December 8, 2020
View Post
Next Article
  • Wired

Soul Sister Pakistan funds Talk Show

  • December 15, 2020
View Post
You May Also Like
View Post
  • Business
  • Wired

IT and ITeS Export Remittances Surge to $893 Million in FY24’s First Four Months, Overcoming Challenges for Sustained Growth

  • November 20, 2023
View Post
  • Business
  • Cellcos

Empowering Data Security: ISPs Unite at WISPAP Conference to Advocate for Internet Exchanges in Pakistan

  • November 16, 2023
View Post
  • Business
  • Ignite

SECP Introduces Streamlined Timelines for IPO Approvals and Listings

  • November 12, 2023
View Post
  • Business

Pakistan Government Warns Against ‘Dead Glyph Backdoor’ Cyber Threat For Windows Users

  • November 2, 2023
View Post
  • Business

Saudi Arabia Commits to Streamlined Visas for Pakistani IT Companies

  • November 2, 2023
View Post
  • Business

Nayatel Attains ISO 27001 and ISO 27701 Certifications, Bolstering Data Security and Privacy

  • August 7, 2023
View Post
  • Business
  • Wired

Boosting IT Exports: Pakistan Aims for $15 Billion Growth in the Coming Years, Says IT Minister

  • August 2, 2023
View Post
  • Business

Pakistan Takes Stride Towards Digital Privacy: “Personal Data Protection Bill, 2023” Approved

  • July 31, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Posts
  • International Workshop in Isfahan to Boost Sustainable Economic Growth Through Science and Technology Parks
    • November 20, 2023
  • DIGIT and MediaTek Partner to Provide Affordable 4G Smartphones for Vodacom Customers in Africa
    • November 20, 2023
  • PTA Commits to Ensuring Digital Safety for Children on World Children’s Day
    • November 20, 2023
  • PHA Launches Eco-Friendly Commuting Initiative with EVs In Play
    • November 20, 2023
  • IT and ITeS Export Remittances Surge to $893 Million in FY24’s First Four Months, Overcoming Challenges for Sustained Growth
    • November 20, 2023
Smart Pakistan Insights Network
https://www.youtube.com/watch?v=uNE1Nq1iXHg
about
CWPK Legacy
Launched in 1967 internationally, Computerworld Magazine is the oldest tech magazine/media property brand in the world. Today Computerworld (abbreviated as CW) is an ongoing decades old professional publication which in 2014 "went digital”. In Pakistan Computerworld was launched in 1995. Initially providing news to IT executives only, once CIO Pakistan from the same family launched, and took over the domain, CW Pakistan has slowly emerged as a holistic technology news platform reporting everything tech in the country. It remains the oldest running continuous IT media publishing platform in the country and approaching 3 decades of existence, it has been the industry’s biggest benchmark and hopes to continue for years to come.
Read more
Explore Computerworld Sites Globally
  • ComputerWorld.es
  • computerworld.com.pt
  • Computerworld.com
  • cw.no
  • computerworldmexico.com.mx
  • computerwoche.de
  • computersweden.idg.se
  • computerworld.hu
Content from other IDG brands
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • TechAdvisor
CW Pakistan
  • CWPK
  • CXO
  • WALLET
  • Demo
CW Media & all its sub brands are copyrighted to SPIN-IDG Wakhan Media Inc., the publishing arm of NCC-RP Group. This site is designed and maintained by Crunch Collective ©️ 2023.

Input your search keywords and press Enter.