KARACHI: The Pakistan Real-time Interbank Settlement Mechanism (PRISM) registered 1.1 million transactions worth Rs159.1 trillion in the first quarter of this fiscal year (FY22). The value of these transactions is 7% greater than the previous quarter (April-June FY21), when Rs 148 trillion was transacted.
The State Bank of Pakistan’s (SBP) first quarterly Payment Systems Review (PSR) report released on Monday shows that the shift from a cash-based economy to a digital economy is progressing. In July-September of FY22, 362 million e-banking transactions worth Rs 27.189 trillion were made, compared to 323.4 million in April-June of FY21.
Mobile and internet banking have seen high uptake of digital payments. 11.3 million mobile banking customers aided this adoption. 79.1 million transactions worth Rs 2.2 trillion were made via mobile banking, representing a 29% volume and 36% value rise QoQ.
Internet banking users increased by 31%, contributing to the growth of e-Banking services. Overall, 29.6 million internet banking transactions worth Rs 1.89 trillion were made in the first quarter of this fiscal year, compared to 28 million for Rs 1.72 trillion in the previous quarter.