Mobile banking soars past Rs1tr for the first time
MG News | March 25, 2021 at 12:07 PM GMT+05:00
March 25, 2021 (MLN): Total payment transactions done in the country grew by 14% in volume and 4% value-wise during Q2FY21, compared to the preceding quarter, according to the State Bank of Pakistan’s Payment Systems Review report.
While PRISM - the real-time payment gateway for mostly interbank dealings - transactions only edged up 3% both volume and value-wise during the latest quarter, e-banking witnessed respective increases of 17% and 12%. Meanwhile, paper-based payments saw their amount rise by 3% and numbers by 8%.
However, compared to Q2FY20, value floated through PRISM - which accounts for the largest share in payments in terms of gross amount - actually slipped by 2.17% to Rs94.91 trillion from Rs97.02tr. The volume of paper-based transactions also fell by a steep 13.7% to 104.8 million from 121.5m. On the other hand, e-banking value jumped 21.8% and volume 24.03%, reflecting the growing shift towards online channels.
Under e-banking, there are a couple of major takeaways most important of which is the surge in the use of mobile channels, as its value crossed the Rs1tr-mark for the first time. It rose to Rs1.12tr during Q2FY21, surging by 192% over just Rs382.5bn in the same quarter of the previous year. The corresponding volumes were 44m and 17.8m in the respective periods.
Internet banking also continued its upward journey, recording a value of Rs1.293tr and volume of 22.1m during October-December 2020, higher by 75.69% compared to Rs736 billion and 13.3m in the same quarter of 2019.
Amounts transacted through point of sale and e-commerce channels rose to Rs115bn and 15bn, respectively. This was accompanied with supply-side increases as the number of PoS machines jumped to 62,480 during 2QFY21 from 52,924 in the preceding quarter - likely as BAFL started rolling out newer model terminals into the market after it had pulled out the older ones sometime back - while e-commerce merchants registered with banks increased to 2,411, from 2,164.
Despite respectable growth in e-banking - particularly mobile and internet - Pakistan still has a huge cash-dependency. That can be evidenced by the value of cash withdrawals - both from ATMs and real-time online branches - that clocked in at Rs3.39tr during the quarter under review, jumping by 24pc over Rs2.73tr in Q2FY20. Or better still, take the volume of ATM cash withdrawals - just one of the four heads under the category - at 147.2m, which alone exceeded the combined number of transactions done through mobile, internet and call centre channels by 38.5m.
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 173,962.82 313.69M | 1.30% 2237.52 |
| ALLSHR | 104,178.62 550.40M | 0.93% 964.13 |
| KSE30 | 52,166.33 164.58M | 1.26% 649.19 |
| KMI30 | 250,496.48 141.11M | 1.59% 3930.77 |
| KMIALLSHR | 67,844.06 318.73M | 1.20% 801.29 |
| BKTi | 47,430.11 44.68M | 0.28% 130.40 |
| OGTi | 36,386.96 9.01M | 0.13% 45.59 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 74,120.00 | 74,260.00 73,715.00 | 405.00 0.55% |
| BRENT CRUDE | 91.89 | 92.95 89.93 | -0.81 -0.87% |
| RICHARDS BAY COAL MONTHLY | 117.00 | 0.00 0.00 | -0.75 -0.64% |
| ROTTERDAM COAL MONTHLY | 130.25 | 131.75 130.00 | -0.20 -0.15% |
| USD RBD PALM OLEIN | 1,157.50 | 1,157.50 1,157.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 87.76 | 89.02 86.35 | -1.14 -1.28% |
| SUGAR #11 WORLD | 14.07 | 14.35 13.90 | 0.14 1.01% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Foreign Exchange Reserves