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
Islamabad steps up vehicle checks to boost security as 166,000 cars get electronic tags
- Authorities say over 3,000 vehicles registered in past 24 hours as enforcement intensifies
- Extended service hours introduced to push full compliance with digital monitoring system
ISLAMABAD: Authorities in the Pakistani capital have intensified enforcement against vehicles without mandatory electronic tags with more than 166,000 cars now registered, according to data released on Sunday evening, as Islamabad moves to strengthen security and digital monitoring at key entry and exit points.
The Islamabad Capital Territory (ICT) administration introduced the electronic tagging system late last year as part of a broader effort to regulate traffic, improve record-keeping and enhance surveillance in a city that hosts the country’s main government institutions, foreign missions and diplomatic enclaves.
Under the system, vehicles are fitted with electronic tags that can be read automatically by scanners installed at checkpoints across the capital, allowing authorities to identify unregistered vehicles without manual inspections. Vehicles already equipped with a motorway tag, or m-tag, are exempt from the requirement.
“A total of 166,888 vehicles have successfully been issued M-Tags so far, including 3,130 vehicles in the last 24 hours,” the ICT administration said, according to the Excise Department.
Officials said readers installed at checkpoints across Islamabad are fully operational and are being used to stop vehicles still without tags, as enforcement teams carry out checks across the city.
To facilitate compliance, authorities have expanded installation facilities and extended operating hours. The Excise Department said m-tag installation is currently available at 17 booth locations, while select centers have begun operating beyond normal working hours.
According to Director General Excise Irfan Memon, m-tag centers at 26 Number Chungi and 18 Meel are providing services round the clock, while counters at Kachnar Park and F-9 Park remain open until midnight to accommodate motorists unable to visit during daytime hours.
Officials said the combination of enforcement and facilitation was aimed at achieving full compliance with minimal disruption, adding that operations would continue until all vehicles operating in the capital are brought into the system.
The enforcement drive builds on a wider push by the federal government to integrate traffic management, emergency response and security monitoring through technology-driven “safe city” initiatives. Last month, Interior Minister Mohsin Naqvi reviewed Islamabad’s surveillance infrastructure and said reforms in monitoring systems and the effective use of technology were the “need of the hour.”
Authorities have urged motorists to obtain electronic tags promptly to avoid delays and penalties at checkpoints as enforcement continues across the capital.
