September 27, 2018: The usage of internet banking has increased immensely among Pakistanis as the value of online transactions reached Rs 1.2 trillion during the financial year 2017-18.
According to the State Bank of Pakistan (SBP), as many as 3.1 million users have been registered with 28 banks offering internet banking services. The transactions showed a growth of 23.9% and 30.3% respectively compared to the previous year.
Internet Banking Transactions Banks are offering a variety of financial services through Internet Banking (IB) like Intra-bank & Interbank Fund transfer, scheduled fund Transfers, Utility Bills Payments, Mobile Air-time top up, Intra-bank credit card payments, School fee payments etc.
In the total Internet Banking transactions the share of Intra-Bank Funds transfers transactions is 7.7 million (24.8%) and Rs. 323.8 billion (25.7%) in volume and value of transactions respectively whereas the share of Inter-Bank Funds transfers transactions in volume and value of transactions is 9.9 million (32.0%) and Rs. 462.1 billion (36.6%) respectively.
Utility Bills Payments contributed 11.0 million (35.1%) in volume and Rs. 29.7 billion (2.4%) in value of transactions whereas the residual shares are contributed by other miscellaneous payments including school/university fee submission, mutual funds payments, credit cards payment etc.
Internet Banking also facilitates 99.8 million non-financial transactions including pay order, cheques books, bank account statements and Debit Cards requests etc. The Internet Banking is also depicting a growing trend in both volume and value of transactions.
