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% and 30.3% respectively compared to the previous year.
Internet Banking Transactions Banks are offering a variety of financial services through Internet Banking (IB) like Intra-bank & Interbank Fund transfer, scheduled fund Transfers, Utility Bills Payments, Mobile Air-time top up, Intra-bank credit card payments, School fee payments etc.
In the total Internet Banking transactions, the share of Intra – Bank Funds transfers transactions is Rs7.7 million (24.8%) and Rs323.8 billion (25.7%) in volume and value of transactions respectively whereas the share of Inter-Bank Funds transfers transactions in volume and value of transactions is Rs9.9 million (32.0%) and Rs462.1 billion (36.6%) respectively.
Utility Bills Payments contributed Rs11.0 million (35.1%) in volume and Rs29.7 (2.4%) billion in the value of transactions and the residuals shares contributed by other miscellaneous payments including school/ university fees submission, mutual funds payments, credit cards payment etc.
Internet Banking also facilitated Rs99.8 million non-financial transactions, which include pay order, cheques books, bank account statements and Debit Cards requests etc. The Internet Banking also depicting a growing trend in both the volume and value of transactions.
