Internet, mobile banking share slow

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STAFF REPORT IBD: Despite the fact, the financial transactions through internet-banking and mobile-banking witnessed a significant growth in terms of volume and value in the past few years, the share of these two modes of payment are still standing at 2 and 1 per cent in overall electronic-banking system.
“The share of internet-banking and mobile-banking constitute merely 3 per cent of the overall transactions volume of electronic banking system that recorded 70.9 million in the third quarter of financial year 2011-12,” reveals the Payment System Review recently released by the State Bank of Pakistan.
According to the review, the volume of internet-banking were recorded growth of 68 to stand at 1.85 million against the transaction value of Rs 95.08 billion with 90 percent growth in the third quarter of FY12 compared with corresponding period of previous financial year.
While, the mobile-banking, on the other hand, witnessed decline in transaction volume by 30 to 0.620 million in the third quarter of FY12 against the transaction value of 2.73 billion with 53 percent growth.

Overall, the transactions are mostly carried out mainly from ATM, which constitutes 60 percent share of the e-banking system as the total number of ATMs in the country to 5,612 by March 2012 across the country.


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