May 30, 2023 (MLN): Customers using Raast for online Person-to-Person (P2P) funds transfers increased to 29.2m users in the first quarter of 2023 from 25.8m users in the previous quarter, third quarterly review of Payment System issued by the State Bank of Pakistan for the Fiscal Year 2022-23 showed on Monday.
P2P value and volume of transactions processed through Raast during the quarter grew by 92.3% QoQ and 55.6% QoQ reaching 41.2m transactions amounting to Rs872.8 billion respectively, the review added.
Increasing collaboration between banks and fintech companies has provided efficient, accessible and user-friendly digital payments platform for customers, allowing greater number of customers to use digital channels for making payments.
As of quarter-end Q3 of FY23, there were 9.3 million internet banking, 15.3m mobile phone banking and 48.4m branchless banking app users.
In addition to this, holders of e-wallets (issued by Electronic Money Institutions – EMIs) reached to 1.6m, the review further said.
During the quarter Q3 of FY23, overall e-banking transactions increased by both volume (4.3% QoQ) and value (11.2% QoQ). Internet and Mobile Phone banking transactions volume also grew from 200.7m to 220.5m (9.9% QoQ) while value increased from Rs9,167.6bn to Rs10,922.3bn (19.1% QoQ).
The number of transactions through Point-of-Sale (POS) also witnessed a growth with transactions volume increasing by 6.8% QoQ and value by 10.1% QoQ.
ATMs transactions however remained close to the previous quarter by volume but by value, it increased by 6% QoQ, it reads.
The average ticket size of transactions through POS was Rs5,463 per transaction while for ATM-based transactions, it was Rs15,429 per transaction.
The value of e-Commerce transactions processed by banks increased by 7.1% QoQ reaching to Rs36.6bn by the end of quarter Q3 FY23.
By the end of Q3-FY23, there were 112,302 POS machines installed across the country while, there were 96,975 POS machines in the same quarter last year.
The number of ATMs installed in the country also increased from 16,897 in Q3 FY22 to 17,678 in Q3 FY23, it noted.
Large Value Settlements processed through RTGS (PRISM), real-time gross settlement system of Pakistan, increased by 4.6% QoQ in volume and 13.9% QoQ in value as compared to previous quarter.
Further, the volume of paper-based transactions declined from 95.5m in Q2 FY23 to 94.3m in Q3 FY23.
However, its value increased by Rs1,646.6bn (3% QoQ) during the quarter.
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Posted on: 2023-05-30T12:46:41+05:00
