The value of mobile banking, internet banking and e-commerce transactions have more than doubled during the third quarter current fiscal year (Q3FY21) compared to the same period in FY20, the State Bank said in its latest report issued on Monday.
According to the Payment System Quarterly report, the number of internet and mobile banking users has increased significantly, up 30.5 per cent and 20.3pc, respectively during Q3FY21 over the same period last year.
During Jan-March FY21, bank customers performed 309.5 million e-Banking transactions, valuing Rs22.5 trillion and registering growth rates of 31pc by volume and 29pc by value over the same quarter in FY20, the report said.
Overall the country’s total payment transactions increased by 2pc in volume and 10pc in value when compared to the previous quarter.
The overall use of e-Banking channels has seen an increase of 4pc in volume and 5pc in value over the previous quarter.
Similarly, mobile banking users have increased by 5pc quarter on quarter, while showing an increase of 20pc when compared with the same period last year.
Most of the uptake in e-banking transactions was seen in internet banking and mobile banking transactions. The volume of mobile banking transactions reached 51.7m, (up 144pc) valuing Rs1.3tr (up 178pc) compared to 21.2m transactions valuing 467.5 billion in the same quarter, last year. The number of registered mobile phone banking users reached 9.8m showing an increase of 20pc from the same period last year.
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