Raast records 72.1% growth in users, 488.1% growth in the value of transactions in 1HFY23

April 12, 2023 (MLN): The number of Raast,  which is SBP's initiative for providing instant and cost-efficient payments, users increased from 15 million to 25.8mn, recording a massive growth of 72.1% since June 2022. The transactions processed through Raast also increased from 7.1mn to 21.5mn, while the value increased from Rs98.4 billion to Rs578.6bn since Q4FY22, according to the first and second quarterly report on Payment Systems for FY23 issued by the State Bank of Pakistan (SBP).

The report presented a comprehensive analysis of transactions processed through the payments infrastructure, providing major highlights of the payments ecosystem in the country.

Along with Raast, the report also shows that total e-banking transactions witnessed growth in both volume and value in Q2-FY23, reaching 515mn and Rs42.5 trillion, respectively.

Transactions through the internet and mobile phone banking channel also showed continued growth in both quarters with combined quarterly growth of both channels of 11% by volume and 11% by value in Q1-FY23 while in Q2-FY23, volume grew by 18% and value by 15%.

The Point-of-Sale (POS) deployed across the country also grew by 3.8% since the previous fiscal year FY22 reaching 108,899 by the end of Q2-FY23. A total of 94.8mn transactions amounting to Rs493.2bn were processed at POS terminals from July to December 2022.

Furthermore, the report indicates that the number of ATMs increased from 17,133 in Q4 FY22 to 17,547 by Q2 FY23. Payment cards in circulation issued by Banks/MFBs and EMI also increased from 43mn to 46.5mn by the end of Q2-FY23. Debit cards are the most commonly issued cards, followed by Social Welfare cards, Credit cards, and Prepaid cards.

The growth of the payments ecosystem in Pakistan indicated the country's move towards a digital economy, providing faster, safer, and more accessible financial services to its citizens.

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