The overall transactions done via internet banking have seen a phenomenal boost of 15.7 percent in volume, as per the recent study done by the State Bank of Pakistan. The SBP also highlighted that within the Q1 of 2014, there was a 7 percent rise in value of transactions done overall in the country. In addition to that, the online banking formulated a volume share of 4.4% and a 2.1% value share of entire monetary business in Pakistan.
The SBP review mentions that as many 24 banks are providing web banking facilities, cell phone banking services are given by13 banks whereas 22 banks offered call centre/ IVR banking services facility to its clients for bill payments, cash transactions and several other banking needs.
Furthermore, 68 POS machines have been deployed in the system in the present quarter hence making an overall tally to 33,802 POS machines.
The review report also says that nearly 393 new ATMs have been added to the ranks of the network with a 5.1 percent growth rate in contrast to the past quarter, hence, the total ATMs now reaching 8,077.
ATMs are now considered as the priority mode for money withdrawals thus making it nearly 81.2% of the entire amount transacted through this channel. In overall online banking transfers, ATMs transactions accounted for a 63.8% volume share and 8.1% value share.
E- Banking formulated a total of 4.4% volume share and a 2.1%value share. The cellular-powered banking managed a volume share of 1.6% and value share of 0.2% whereas call centers/ IVR banking grabbed volume share of 0.2% and value share of 0.03% in overall transactions.