{"id":1315,"date":"2024-10-11T11:02:18","date_gmt":"2024-10-11T11:02:18","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1315"},"modified":"2025-01-13T14:22:15","modified_gmt":"2025-01-13T14:22:15","slug":"digital-transactions-reach-84-of-overall-retail-payments","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1315","title":{"rendered":"Digital Transactions Reach 84% of Overall Retail Payments: SBP"},"content":{"rendered":"\r\n

The State Bank of Pakistan (SBP)<\/a> has released its annual report for Fiscal Year 2023-24, showcasing significant advancements in the country’s national payment ecosystem, with a notable shift towards digital payments.<\/p>\r\n\r\n\r\n\r\n

According to the report, retail payments saw extraordinary growth during FY24, with the volume of transactions rising from 4.7 billion to 6.4 billion, representing a 35% increase. The value of these transactions also surged, jumping from Rs. 403 trillion to Rs. 547 trillion. Digital payments played a major role in this transformation, with their share of total retail payment volumes growing from 76% in FY23 to 84% in FY24.<\/p>\r\n\r\n\r\n\r\n

The SBP attributes this expansion to the rising number of digital channel users, driven by the increasing availability and convenience of mobile banking apps, internet banking portals, and mobile wallets. Notably, the number of mobile banking app users increased by 16%, internet banking users by 25%, and branchless banking (BB) mobile wallet users by 2%. E-wallet users saw the most significant rise, growing by an impressive 85% year-on-year.<\/p>\r\n\r\n\r\n\r\n

In terms of transaction volume, mobile banking apps and internet banking portals saw a remarkable 62% increase, recording 1.34 billion transactions, while the value of these transactions grew by 74%, reaching Rs. 70 trillion. Mobile wallet payments also experienced substantial growth, with customers making 2.7 billion payments through BB mobile app wallets and 85 million transactions through e-wallets provided by Electronic Money Institutions (EMIs).<\/p>\r\n\r\n\r\n\r\n

The Point of Sale (POS) machine network also expanded, with the number of POS terminals increasing by 8.9%, bringing the total to 125,593 across the country. This increase supported a growing number of card-based transactions at retail outlets, further enhancing the digital payment ecosystem.<\/p>\r\n\r\n\r\n\r\n

E-commerce has seen a significant shift towards digital payments<\/a> as well, with 87% of online transactions now being initiated through bank accounts or digital wallets. A total of 309 million e-commerce payments were made during FY24, amounting to Rs. 406 billion in transaction value.<\/p>\r\n\r\n\r\n\r\n

The SBP\u2019s report highlights Pakistan\u2019s robust payment infrastructure and its progress in digital financial services, positioning the country as a regional leader in the sector. The growth in digital payments reflects the increasing reliance of consumers on digital payment channels, signaling a continued shift towards a more digital economy.<\/p>\r\n\r\n\r\n\r\n

The report underscores the ongoing transformation of Pakistan\u2019s payment landscape and the pivotal role digital payments will play in the future of financial transactions.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

The State Bank of Pakistan (SBP) has released its annual report for Fiscal Year 2023-24, showcasing significant advancements in the country’s national payment ecosystem, with a notable shift towards digital payments. According to the report, retail payments saw extraordinary growth during FY24, with the volume of transactions rising from 4.7 billion to 6.4 billion, representing […]<\/p>\n","protected":false},"author":1,"featured_media":1316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[7],"tags":[226,402,14,497,59],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t