State Bank has said that the trend of online and digital financial transactions has increased in Pakistan.
State Bank has released the Annual Payment System Review for FY 2024, according to which the increasing availability of digital means has led to an increase in digital payments.
The share of digital payments increased by 8% to 84% in FY 2024 compared to FY 23, retail digital payments grew by almost 35% while the value of digital transactions increased from Rs 403 trillion to Rs 547 trillion.
Digital payments have been boosted by growing number of users, mobile banking apps, internet banking and mobile wallets, with the number of e-wallets users increasing by 85% annually during FY 2024, according to State Bank estimates.
The number of mobile banking app users increased by 16 percent and internet banking users by 25 percent, while transactions through mobile apps and internet banking portals increased by 62 percent.
According to the State Bank, the value of mobile apps and internet banking increased by 74% to 70 trillion rupees, 87% of e-commerce payments are now made through bank accounts or digital wallets. A total of 31 crore payments were made through e-commerce, worth 406 billion rupees. stayed
