Pakistan’s digital banking transactions surged by 57 percent in FY23— central bank

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This photograph taken on March 4, 2015 shows a Pakistani resident waiting to withdraw currency from an ATM in Islamabad. (AFP/File)
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A man sits outside a bank along a street in Rawalpindi on July 15, 2023. (AFP/File)
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Updated 28 September 2023
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Pakistan’s digital banking transactions surged by 57 percent in FY23— central bank

  • In latest report, Pakistan’s central bank says paper-based transactions declined by over 4 percent during FY23
  • During FY23, number of transactions by Point of Sales, ATMs grew annually by 45 percent and 17 percent respectively

ISLAMABAD: Pakistan’s mobile and Internet banking transactions surged by a whopping 57 percent in volume and 81 percent by value during the fiscal year 2022-23, the State Bank of Pakistan (SBP) said in a report on Wednesday. 

According to the Annual Payment Systems Review for the fiscal year 2022-23 released by the SBP, Internet banking users increased by 15.1 percent to 9.6 million in Pakistan while mobile phone banking users rose by 30.2 percent to reach 16.1 million in FY23. 

“The e-banking is attracting more customers due to its efficient and instant payment solutions, and its transactions are growing at a steady pace over the years,” the SBP said in the report. 

The report said paper-based transactions declined by over 4 percent during FY23 and cumulatively around 20 percent in the last five years. However, it added that the value of paper-based transactions increased by 20 percent in FY23.

The SBP report further said that as of June 30, 2023, there were 115,288 Point Of Sales terminals, 17,808 ATMs, 520 Cash/Cheque Deposit Machines and 6,889 e-commerce merchants to provide payments services to customers. 

“During the fiscal year, the number of transactions through POS (199.3 million) and ATMs (809.7 million) grew annually by 45 percent and 17 percent respectively,” it said. “Domestic e-commerce transactions using payment cards were 31.8 million which amounted to PKR 142 billion during the year.”

The report said that as of June 30, 2023, there were 58.1 million payment cards in circulation in Pakistan of which 44.5 million were issued by banks and Microfinance Banks, 10.8 million by branchless banks, and 2.8 million by EMIs.


Pakistan’s Punjab deploys satellites, drones, AI to combat smog

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Pakistan’s Punjab deploys satellites, drones, AI to combat smog

  • Senior minister warns industrial masks may become necessary without a change in public attitudes toward pollution
  • Cities in Punjab face worsening smog each winter, driven by crop burning, vehicle emissions and industrial pollution

ISLAMABAD: Punjab Senior Minister Marriyum Aurangzeb on Wednesday said Pakistan’s most populous province deployed satellites, drones and artificial intelligence to tackle smog, warning that industrial masks may become necessary if public attitudes toward air pollution did not change.

Punjab cities face worsening smog each winter, driven by crop burning, vehicle emissions and industrial pollution that threatens public health and daily life. The smog season typically begins in late October, peaks between November and January and can persist through February.

Smog causes symptoms such as sore throats, eye irritation and respiratory illnesses, while prolonged exposure raises the risk of stroke, heart disease and lung cancer. Children are more vulnerable due to higher breathing rates and weaker immune systems.

“We have the AI machine-learning forecasting system in place, surveillance drones and technology cameras,” Aurangzeb said while addressing an event.

“At present, what is considered one of the world’s best environmental protection forces — with training, equipment, technology and digitally integrated data — is operating in Punjab,” she added.

Aurangzeb said surveillance is now being carried out through drones.

“There is monitoring, technology, cameras,” she continued. “Everything is digital.”

The minister maintained the eastern corridor from India was a major source of smoke which becomes active during the winter season.

She said this was the first time a complete testing system was introduced by the Environmental Protection Agency to measure pollution released by vehicles.

She added the government has loaned 5,000 super seeders to farmers, which are agricultural machines that plant crops directly into fields without removing leftover stubble, reducing crop burning, and helping curb winter smog.

Aurangzeb warned the situation could reach a point where people may have to use industrial masks and carry therm around like a “purse or wallet.”

“This will become a mandatory item if we do not change our attitudes and habits toward air quality, climate and conservation.”

Pakistan’s main urban centers routinely rank among the most polluted cities in the world, with vehicular emissions remaining one of the top contributors to air pollution.

The severe air pollution also undermines economic productivity and diminishes the quality of life for millions of residents.