Digital payment clocks in at Rs102.1bn in FY21-22

December 23, 2022 (MLN): Digital payments has reached to Rs102.1 billion in value during FY21-22, with around 7.9 million transactions carried out and 15mn new P2P Raast users registered, an annual payment system report for the FY2021-22 released the SBP on Friday.

The report consists of major developments in the payments eco-system of the country accompanied by overall summary of transactions.

Earlier, SBP launched Raast Person-to-Person (P2P), which enabled payments among individuals, businesses and other entities to settle transactions in real-time, and to promote and enhance digital payment system in the country.

The report also mentions that the number of mobile phone and internet banking users reached 8.4mn and 12.3mn respectively during FY22.

In terms of transactions, mobile phone banking increased by 100.4% to 387.5mn, while internet banking grew by 51.7% to 141.7mn during the year.

By value, mobile phone banking and internet banking growth was 141.1% and 81.1%, thus, reaching to Rs11.9 trillion and Rs10.2tr respectively.

Similarly, e-commerce transactions also witnessed similar trends as the volume grew by 107.4% to 45.5mn and the value by 74.9% to Rs106.0bn.

During FY22, a total of 32,958 POS machines were deployed in the country which led to an expansion of its network by 45.8% to 104,865. E-commerce merchants registered with the banks increased to 4,887 from 3,003 merchants during this period.

Furthermore, ATMs network in the country also grew by 4.8% during the year reaching to 17,133 ATMs. The total number of transactions through POS, 137.5mn, were 54.5% higher than previous fiscal year with transaction value reaching Rs0.7tr growing by 56.1%.

A total of 692.3mn transactions were carried out through ATMs which amounted to Rs9.6tr, 19.2% higher than FY21. There were 42.4mn payment cards in circulation in FY22 including 71.1% or 30.16mn debit cards; 24.3% or 10.3mn social welfare cards; 4.2% or 1.79mn credit cards and the rest were pre-paid and ATM only cards.

Number of large-value transactions through Real-Time Gross Settlement (RTGS) system of Pakistan reached to 4.37mn by FY22 amounting to Rs681.6tr with an annual growth of 53.3% in value.

During FY22, paper-based transactions declined by 1.0% in volume though its value grew to Rs190.4tr, almost 25.6% higher than last year.

Copyright Mettis Link News