KARACHI: Digital banking has acquired increasing popularity in Pakistan since the emergence of the coronavirus pandemic, said the central bank on Thursday, adding that the country had witnessed 253.7 million electronic transactions worth Rs19 trillion during the first quarter of the current fiscal year.
"The most promising uptake was seen in internet banking and mobile banking transactions as the number of registered mobile phone banking users reached 8.9 million showing an increase of 41% over Q1-FY20 and the number of internet users touched 4.3 million with a growth of 26% over the same period," the State Bank of Pakistan (SBP) said in its Quarterly Payment System Review (QPSR) for the first quarter between July and September 2020.
During this period, mobile banking transactions increased to 36.4 million or Rs908.7 billion. This implied an increase of 139 percent in terms of volume and 211 percent in terms of value when compared with the same period last year.
Similarly, internet banking transactions increased to 18.9 million or Rs1.1 trillion, registering a growth of 55 percent in volume and 89 percent in value.
"The digital payment transactions in Pakistan have increased significantly largely due to the impact of measures taken by the SBP that created incentives for customers," the central bank said in a statement. "Growth in digital payment infrastructure as well as emergence of new payment aggregators have also been a contributing factor in this increase. Moreover, it also reflects the changes in consumer preferences for digital transactions amid the COVID-19 situation."
The country's total payment transactions increased by 23 percent in volume and eight percent in value when compared to the previous quarter, according to the report.
E-banking transactions comprise real-time online branches transactions, ATM transactions, internet banking transactions, mobile phone banking transactions, e-commerce, and interactive voice response banking.
Another major avenue of e-banking transactions is through points of sale, whereby people make transactions using credit or debit cards for shopping purposes.
Pakistan witnesses significant rise in digital banking between July and September — central bank
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Pakistan witnesses significant rise in digital banking between July and September — central bank
- Growth in digital payments reflects changing consumer preferences amid the coronavirus pandemic, says State Bank of Pakistan
- Mobile phone banking users increased by 41 percent while the number people availing internet banking option reached 4.3 million
Pakistan weighs Trump Gaza board amid expert calls for Muslim allies’ consultations
- Former diplomats warn board could sideline UN, legitimize US unilateral plans
- Analysts say Pakistan should assert independent positions if it joins the body
ISLAMABAD: Pakistan is weighing an invitation from US President Donald Trump to join a proposed international “Board of Peace” on Gaza, a move that has sparked debate among former diplomats and foreign policy experts who warned Tuesday it could sideline the United Nations and urge Islamabad to consult close Muslim allies.
The White House announced on Friday some members of the board, which is expected to supervise the temporary governance of Gaza under a fragile ceasefire in place since October and continue beyond that transitional phase.
These names included US Secretary of State Marco Rubio, Trump’s special Middle East envoy Steve Witkoff, former British prime minister Tony Blair and Trump’s son-in-law Jared Kushner. Trump himself would chair the board, according to a plan unveiled by the White House in October.
Pakistan’s foreign office confirmed on Sunday that Prime Minister Shehbaz Sharif had also received an invitation to join the proposed body, stressing that “the country will remain engaged with international efforts for peace and security in Gaza, leading to a lasting solution to the Palestine issue in accordance with United Nations resolutions.”
“Since the Trump ‘Board of Peace’ is more like an international NGO now, which would include [Indian Prime Minister Narendra] Modi and [Israel’s Benjamin] Netanyahu, Pakistan should carefully take a decision in consultation with its close Muslim allies like Turkiye, Saudi Arabia, Qatar, Jordan, Egypt and Indonesia, and it should be a joint decision of these countries together,” Former federal minister and analyst Mushahid Hussain told Arab News.
“Otherwise, there is no point in being in the queue just to please Trump,” he added.
Israel and the Palestinian group Hamas have agreed that a Palestinian technocratic administration would operate under the oversight of an international board during a transitional period.
Hussain said that if Pakistan did decide to join the board, it should use the platform to clearly articulate its long-held positions.
“Pakistan should play the role of boldly promoting the right of self-determination of the peoples of Palestine and Kashmir, both occupied territories, and oppose any aggression against Iran, as peace and occupation or aggression cannot coexist,” he said.
International affairs analyst and author Naseem Zehra said Pakistan’s participation could still be justified if it allowed Islamabad to assert independent positions on global conflicts.
“Donald Trump has invited 60 heads of states and prime ministers to become part of the peace board, which is more like an alternative to the United Nations,” she said, referring to media reports about the board’s mandate. “If Pakistan is invited among 60 countries, it is acceptable for Pakistan to participate, and with a seat at the table, Pakistan can share its own view of how global issues can be resolved.”
Zehra added that Pakistan’s past diplomatic conduct showed it could maintain principled positions while engaging internationally.
Former ambassador to the United States Maleeh Lodhi took a stronger view, warning that the initiative appeared designed to bypass established international mechanisms.
“Pakistan should not join the Board for many reasons,” she said. “Its aim is for President Trump to get international support and legitimacy for his unilateral plans not just in Gaza but beyond, without member states having any real power.”
“It is being set up to supplant the UN in its primary role of maintaining international peace and security, with Trump effectively calling all the shots,” she added.
When contacted, Pakistan’s Defense Minister Khawaja Asif declined to comment and referred queries to the foreign office.
However, the foreign ministry spokesman Tahir Andrabi did not respond to Arab News requests for comment by the time of filing.
Pakistan has consistently supported Palestinian statehood under United Nations resolutions and has publicly criticized Israeli military operations in Gaza, while also opposing broader regional escalations, including attacks on Iran.
