ISLAMABAD: The usage of internet banking has increased immensely among Pakistanis as the value of online transactions reached Rs1.2 trillion during the financial year 2017-18.
According to the State Bank of Pakistan (SBP), as many as 3.1 million users have been registered with 28 banks offering internet banking services. The transactions showed a growth of 23.9 per cent and 30.3 per cent respectively, compared to the previous year.
Banks are offering a variety of financial services through Internet Banking (IB) such as Intra-bank and Interbank fund transfer, scheduled fund transfers, Utility Bills payments, mobile air-time top ups, Intra-bank credit card payments, School fee payments etc.
In the total Internet Banking transactions the share of Intra – Bank Funds transfers transactions is 7.7 (24.8%) million and Rs323.8 (25.7%) billion in volume and value of transactions respectively whereas the share of Inter-Bank Funds transfers transactions in volume and value of transactions is 9.9(32.05%) million and Rs462.1 (36.6%) billion respectively.
Utility Bills Payments contributed 11.0 (35.1%) million in volume and Rs29.7(2.4%) billion in value of transactions and the residuals shares is contributed by other miscellaneous payments including school/ university fees submission, mutual funds payments, credit cards payment etc.
Internet banking also facilitated 99.8 million non-financial transactions, which include pay order, cheques books, bank account statements and Debit Cards requests etc.
