KARACHI – The State Bank of Pakistan (SBP) has released its Quarterly Payment Systems Report for the third quarter (January-March) of the fiscal year 2023-24, presenting a comprehensive review of the country’s payment landscape.
According to the report, digital transactions accounted for 83% of total retail payments for the quarter, processed by Banks and Electronic Money Institutions (EMIs), while 17% of transactions were conducted Over-the-Counter (OTC) at bank branches.
Banks and EMIs collectively processed 844 million retail payments amounting to PKR 128,470 billion during the quarter. This included 47% funds transfer transactions, 33% cash withdrawals, 11% POS and e-commerce purchases, 6% bill payments and mobile top-ups, with the remaining transactions comprising deposits, tax payments, invoice-based payments, and donations.
The report highlighted continuous progress in the adoption of digital payment channels in Pakistan. The digital user base in Pakistan saw an average growth of 8%, reaching 59 million BB mobile app users, 17 million mobile banking app users, 11 million internet banking users, and 3 million EMIs’ e-wallet users by the end of the quarter.
Mobile phone and internet banking services remained the preferred channels for customers, with mobile phone banking transactions increasing by 8% to 301 million and internet banking transactions growing by 3% to 59 million. The amount processed through these channels reached PKR 12,955 billion for mobile phone banking and PKR 6,467 billion for internet banking. Payment services across Pakistan are supported by an extensive network, including 18,049 bank branches, 18,655 ATMs, 120,641 POS terminals, and 648,333 BB agents.
Raast, Pakistan’s instant payment system, processed 140 million transactions totaling PKR 3,437 billion in Q3 FY24, marking a 31% increase in volume and a 48% increase in value from the previous quarter. This growth underscores Raast’s crucial role in the nation’s payment landscape. Additionally, 1.5 million transactions amounting to PKR 315,596 billion were settled through PRISM (RTGS), including the settlement of government securities, funds transfers, and ancillary clearing transactions.
