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"Digital banking replacing conventional transactions"

Web Desk -- The State Bank of Pakistan's Quarterly Payment System Review for July-September 2020-21 indicates strong growth in digital financial transactions.
 
While mobile banking is fast replacing the conventional banking financial transactions, the paper-based transactions also show a growth of 24 per cent in the first quarter of the current fiscal FY21.
 
During the first quarter of FY21, the number of registered mobile phone banking users reached 8.9 million showing an increase of 41pc over the same period of last fiscal year.
 
The number of internet users of bank websites reached 4.3 million with a growth of 26pc over the same period.
 
The report said the mobile banking transactions increased to 36.4 million amounting to Rs908.7 billion, marking an increase of 139pc by volume and 211pc by value compared to the same period last year
 
The internet banking transactions increased to 18.9 million, valuing Rs1.1 trillion during the quarter under review, registering a growth of 55pc in volume and 89pc in value, said the SBP report.
 
The report said the high digital transaction growth also reflects the changes in consumer’s preference for digital transactions amid Covid-19 situation.
 
According to SBP report during the first quarter 253.7m e-banking transactions were conducted by customers valuing Rs19tr.
 
The SBP noted that a strong growth in e-commerce transactions as the number of transactions and their value grew by 77pc and 47pc when compared with same quarter of FY20.
 
The report also showed that the paper-based transaction during the quarter also increased by 21pc in terms of value.

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