State Bank has released the second quarterly review of the payment system for the financial year 2024. Significant developments in payment systems and digital payments scenario were presented.
According to the State Bank, Pakistanis preferred mobile and internet banking for transactions, with the number of mobile and internet banking users reaching 11 million.
More than 67 million mWallets have been registered by branchless banking service providers. Transactions through banks, microfinance banks and EMIs increased by 15%.
Over ninety percent of retail fund transfers, 73 percent of bill payments were made through digital channels. 107 million free transactions of direct funds transfer were done and was over Rs 2 trillion. RTGS processed 1.5 million high value payments and the value was Rs 273 trillion.