KARACHI: Sept 28: An annual payment systems review for the fiscal year 2022-23 is released today by the State Bank of
Pakistan (SBP). The review presents growth and trends in banking transactions accompanied by the
usage of payment systems’ infrastructure and instruments in the country.
Digital transactions continued its growth trajectory owing to the increased consumers’ preference for
digital channels of mobile and internet banking for meeting their financial needs. Overall, mobile and
internet banking transactions witnessed an annual growth of 57% by volume and 81% by value. Further,
e-Banking transactions through Banks and Microfinance Banks (MFBs) grew by 29% while value
increased by 21% during the year. Similar growth pattern was also observed in Branchless Banking (BBs)
transactions with number of transactions increasing by 28% and value by 45% during FY23.
Number of e-banking users also increased significantly. The year saw an increase of 15% in internet
banking users, 30% in mobile banking users and 42% in BB mobile app users. Electronic Money
Institutions (EMIs) also contributed meaningfully to the inclusion of digital banking users by opening
more than 2 million e-wallets since their inception.
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. In contrast, paper-based transactions have
declined by more than 4% during FY23 and cumulatively around 20% in last five years. However, value
of paper-based transactions increased by 20% in FY23.
Real-Time Gross Settlement (RTGS) system of Pakistan and Raast – Pakistan’s Instant Payment System,
owned and operated by SBP, facilitates financial institutions and banking customers in processing and
settling the transactions. During the year, RTGS processed 4.9 million transactions amounting to PKR
640.4 trillion, while 155 million transactions were processed on Raast amounting to PKR 3.2 trillion
during this fiscal year.
Financial institutions are also strengthening their e-banking infrastructure by expanding Point-of-Sale
(POS) terminals, Automated Teller Machines (ATMs), Cash/Cheque Deposit Machines (CDMs), ecommerce merchants
and agents’ network to meet customers’ needs. As of June 30, 2023, there were 115,288 POS terminals, 17,808 ATMs, 520 CDMs and 6,889 e-commerce merchants for providing
payments services to the customers. During the fiscal year, number of transactions through POS (199.3
million) and ATMs (809.7 million) grew annually by 45% and 17% respectively. Domestic e-commerce
transactions using payment cards were 31.8 million which amounted to PKR 142 billion during the year.
As of June 30, 2023, there were 58.1 million payment cards in circulation of which 44.5 million were
issued by banks and MFBs, 10.8 million by branchless banks, and 2.8 million by EMIs.
