Increase in Financial Transactions of Pakistan
In first quarter of 2014, the Financial Transactions carried via internet banking has increased by 15.7%. According to a report presented by State Bank of Pakistan, 24 banks were offering its customers with internet banking facility, 13 offered mobile phone banking and 22 banks offered IVR banking facility for payment of bills, transferring funds etc. 81.2% of the total withdrawals by ATM machines. Pakistan Real-time Interbank Settlement Mechanism (PRISM) showed an increase of 10.2%, both in volume and value share in banking transactions. Debit cards had a share of 90.6%, credit cards had 5.5% whereas, and ATMs had a share of 3.9% in the first quarter of 2014.
CCP showed gratification on decision to withdraw ICH agreementCCP stuck to its stand that ICH is an illegal and anti-competitive authority. CCP claimed that, according to Competition Rules of Pakistan, quota fixation, price fixation and elimination of competition, is illegal. It showed great satisfaction with the decision made by MoIT for withdrawal of ICH. Furthermore, CCP said that this step will facilitate competition in market and will definitely benefit consumers