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
Traders say Karachi plaza fire caused $54 million losses as search for bodies continues
- Authorities say at least 67 people died in January 17 blaze at Gul Plaza complex
- Recovery teams search unstable debris, Sindh government announces compensation
ISLAMABAD/KARACHI: A deadly fire at a major shopping plaza in Pakistan’s largest city of Karachi has caused estimated losses of up to Rs15 billion ($53.6 million), a traders representative said this week, as authorities continue rescue and recovery operations and struggle to identify dozens of victims killed in the blaze.
The fire broke out on Jan. 17 at Gul Plaza, a densely packed commercial building in the heart of Karachi and home to over 1,200 shops, trapping workers and shoppers inside and burning for more than 24 hours before being brought under control. At least 67 people have been confirmed dead, officials say, while recovery teams remain at the site amid fears of further structural collapse.
Tanveer Pasta, president of the Gul Plaza Market Association, said all shops in the plaza were destroyed, estimating total losses at up to Rs15 billion ($53.6 million).
“There were big importers sitting here,” he told Arab News on Thursday. “Just three days before this fire, 31 [shipping] containers were unloaded.”
Earlier this week, the Sindh government had announced compensation of Rs10 million ($35,720) for each person killed in the fire and said affected shopkeepers would also receive financial assistance.
Karachi Mayor Murtaza Wahab said the city administration remained focused on rescue operations and on handing over victims’ remains to their families as quickly as possible. His remarks came after he visited the homes of several victims, according to a statement from his office.
“Rescue personnel of the Karachi Metropolitan Corporation are still engaged in the rescue operation, while the administration is making every effort to hand over [remains] of the victims, loved ones to their families at the earliest,” Wahab was quoted as saying.
Identification has been significantly slowed by the condition of the bodies recovered from the site, Karachi Police Surgeon Dr. Summaiya Syed said.
Most remains were found in fragments, she said, complicating forensic identification and prolonging the process for families waiting for confirmation.
Relatives of more than a dozen missing persons have remained near the destroyed plaza and at hospitals even after providing DNA samples. Some families have criticized what they describe as the slow pace of recovery and identification.
Wahab said the provincial government had committed to supporting affected families and rehabilitating victims.
“The Sindh government would also not sit back until the victims are fully rehabilitated and that all possible support would be provided [to them],” he said.
Authorities have not yet confirmed the cause of the fire. Police have said preliminary indications point to a possible electrical short circuit, though officials stress conclusions will only be drawn after investigations are completed.
Deadly fires are a recurring problem in Karachi, a city of more than 20 million people, where overcrowded markets, aging infrastructure, illegal construction and weak enforcement of safety regulations frequently contribute to disasters. Officials say a blaze of this scale is rare.
