Pakistan witnesses significant rise in digital banking between July and September — central bank

aThis photograph taken on March 4, 2015 shows a Pakistani resident waiting to withdraw currency from an ATM in Islamabad. (AFP)
Short Url
Updated 03 December 2020

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

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.


Pakistani Twitter rejoices as archrival India beats Australia in cricket win for the ages

Updated 19 January 2021

Pakistani Twitter rejoices as archrival India beats Australia in cricket win for the ages

  • Pakistan and India are political foes and have one of the most intense sports rivalries in the world
  • Tuesday’s win by India was unequivocally cheered by Pakistani cricket fans who called it “one of the greatest test match wins of all time”

ISLAMABAD: Pakistani social media users rejoiced on Tuesday as India bagged an incredible three-wicket win in the fourth test decider against Australia.

India’s Rishabh Pant timed his innings to perfection, ramping up the aggression in a stellar 89 as India stormed to a record 328-run chase at the Gabba and became the first team to beat the hosts at the Brisbane stronghold since the West Indies in 1988.

Pakistan and India are political archrivals and fierce opponents in the cricket field. But Tuesday’s win was unequivocally cheered by Pakistani cricket fans on Twitter, who called it one of “the greatest test series and test match wins of all time.”

“From 36 all out in the same series to winning it on Australia soil. Wow,” former cricketer and fast bowler Shoaib Akhtar wrote.

“Investing in your players, giving them financial security, protecting them, giving them exposure, having A team tours is eventually bound to pay off. Well done India,” said cricket manager Rehan ulHaq.

“India basically pulled off one of the greatest test series and test match wins of all time,” said Uzair Younus, a senior fellow at the Atlantic Council. “To win Down Under [Australia] is an achievement on its own. But to do it when several first-team players are out injured is a whole new level of achievement. Brilliant. Absolutely brilliant.”

“Given results, their injuries, and lack thereof of the home side, this Indian team is probably the greatest from South Asia to tour Australia,” said Umair Javed, an assistant professor at LUMS, Pakistan’s most prestigious private university.

“Cricket is the winner (and Australia the loser),” Javed said in another tweet.

“What a fight back by Indian cricket team in the series, they’ve played quality cricket. From 36-all out in first test to 2-1 up. Commendable. Love and respect from Pakistan,” Twitter user Taliha said, posting one of thousands of tweets praising the Indian team’s performance.

“Tremendous cricket by Indians,” Haider Rasool wrote. “Love from Pakistan.”

One Indian Twitter user posted: “Thank you Pakistan. Today’s win is ever more special because of support from neighbor.”

Strained relations between the two nations, who were one country before the partition of British India split them into India and Pakistan in 1947, and a decades-long dispute over the Himalayan valley of Kashmir conflict, has laid the foundations of one of the most intense sports rivalries in the world.

Pakistan and Indian have not played a bilateral Test series since 2008 when already brittle ties were shattered by the Mumbai terror attacks.