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Mobile Internet Banking in Pakistan grows@31%

The volume of mobile banking, e-commerce and internet banking has become doubled.

Mobile internet banking is rising in Pakistan at a constant pace. The volume of mobile banking, e-commerce and internet banking has become doubled. 3rd Quarter of current fiscal year 2021 shows that volume of Mobile Internet Banking in Pakistan grows@31%. This is very encouraging situation as compared to Q3FY20. Customers, previously dealing in classical banking performed 309.5 million e-banking transactions. Online dealing of worth 22.5 trillion shows that general masses in Pakistan have great tendency towards mobile and internet banking.

Quarterly Financial Report of payment system 2021 reveals significant increase of 30.5 pc in internet banking users while mobile banking users have increased to 29 pc as compared to financial year of 2020. Overall 2% increase in volume and 10 pc in value of total payment transactions testify the increasing tendency of e-business in Pakistan.

With increase of 31% growth in Mobile Internet Banking in Pakistan Share of PRISM (Pakistan real time inter bank settlement), electronic banking, and paper based payment transactions has been recorded as 64.5 %, 13.3% and 22.2 % respectively shows that confidence of investors is getting revived in Pakistan. The value of PRISM based transactions also shows a dealing of worth 109.3 trillion in current fiscal year as compared to transactions valued 94.9 trillion in last year.

50 direct participants of PRISM including Central Depository Committee (CDC),  commercial banks, Microfinance banks (MFBs), Direct Foreign Investments (DFIs) performed transactions of worth 109.4 trillions in running quarter of financial year 2021.

The overall use of e-banking channels has witnessed a positive rise of 4 pc in value and 5 pc in volume in comparison with the previous financial year. With the advent of fast internet and advanced mobile technology, the internet and mobile banking users are increasing day by day. Secure and rapid delivery system of electronic banking pulled a massive no. of users.

Every category of people including employees, businessmen, students, consumers is inclined towards electronic banking transactions more than ever. Expanding Telecom network spurred growth of mobile and internet banking in very short span of time. Overall 10 percent increase in Internet banking  due to overall 31 % increase in mobile banking have been recorded as compared to previous year. Whereas no. of mobile banking users has risen to 20 pc.

Thanks to Telecom sector for providing rapid network in every nook and corner of Pakistan. Provision of fast internet services has opened the doors for e-commerce in Pakistan. Increasing no of e-commerce merchants is a good sign for economy of Pakistan. 5 percent increases in no of e-commerce dealers have been noticed.

Conventional banking is taking a drastic move. Banks all over the country have increased the ATMs installations up to 16175. These installed machines not only provide ready-cash facility to the users but also facilitate to conduct e-transactions. Payment of utility bills, e-fund transfer,  discharging debts, home and foreign remittances, mobile top ups, discharging of educational expenses are some of the applications of e-commerce in Pakistan. These ATMs recorded 153.5 million transactions of worth 2.1 trillions. The report shows that total withdrawal of cash via ATMs during financial year was 96pc by volume in comparison with other modes of financial payments.

Financial year 2021 noticed a very prominent surge in internet and mobile banking transactions. The volume of mobile banking transactions was recorded for 51.7 millions. Financial dealings worth 1.3 trillions were made in the current fiscal year.

Abdul Razzaq

Abdul Razzaq is a freelance writer, digital marketer, tech enthusiast and, educationist from Pakistan. He runs Geekydecade (a Business Marketing Blog) to spread business and marketing awareness among the masses.

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