E-banking transactions grow by 4.3% in Q3 FY23: SBP.

KARACHI -- Overall e-banking transactions increased by both volume and value during the third quarter of fiscal year 2022-23 due to increasing collaboration between banks and fintech companies and the provision of efficient, accessible and user-friendly digital payments platform for customers.

The State Bank of Pakistan, in its third quarterly review of Payment Systems released here on Monday, stated that the volume of overall e-banking transactions increased by 4.3% while the value of the transactions surged by 11.2%.

The quarterly review covered the period January to March 2023 and presents major highlights and comprehensive analysis of the payments ecosystem.

As of quarter-end Q3 of FY23, there were 9.3 million internet banking, 15.3 million mobile phone banking and 48.4 million branchless banking app users, the review summarised adding that holders of e-wallets- issued by Electronic Money Institutions (EMIs) - reached 1.6 million.

According to the review increasing collaboration between banks and fintech companies has provided an efficient, accessible and user-friendly digital payments platform for customers, allowing a greater number of customers to use digital channel for making payments.

Customers using Raast for online Person-to-Person (P2P) funds transfer have increased to 29.2 million users from 25.8 million users in the previous quarter while P2P value and volume of transactions processed through Raast during the quarter grew by 92.3% and 55.6% reaching to 41.2 million transactions amounting to Rs. 872.8 billion respectively, the quarterly review stated.

Internet and Mobile Phone banking transactions volume also grew from 200.7 million to 220.5 million depicting a growth of 9.9% while value...