Ah, it’s that time of the year when you look back and reflect on performance and set targets for the future- resolutions. In a similar, but not so sentimental way, the State Bank of Pakistan (SBP) released its Annual Payment Systems Review for 2021-22 looking back at the way payments were made in Pakistan during the fiscal year.
In a year where macroeconomic indicators haven’t been the most positive omen, the Annual Payment Systems Review for the year has given some hope to Pakistan while it battles low financial inclusion; stating that mobile phone banking increased by a whopping 100.4% to 387.5 million, while internet banking grew significantly by 51.7% to 141.7 million during the year.
The year in review
- By value, mobile phone banking and internet banking grew strongly by 141.1% and 81.1%, thus, reaching to Rs 11.9 trillion and Rs 10.2 trillion respectively. E-commerce transactions also witnessed similar trends as the volume grew by 107.4% to 45.5 million and the value by 74.9% to Rs 106 billion.
- During FY22, a total of 32,958 Point of Sales (POS) machines were deployed in the country which led to an expansion of its network by 45.8% to 104,865. The total number of transactions through POS, 137.5 million, was 54.5% higher than the previous fiscal year with transaction value reaching Rs 0.7 trillion growing by 56.1%.
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