Mobile banking transactions witnesses high growth

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From Business Correspondent

ISLAMABAD: With a significant growth of some 195 percent, mobile phone banking transactions crossed Rs 410 billion mark during the last fiscal year (FY18). According to State Bank of Pakistan (SBP) Mobile Phone/App based banking is being offered by 21 Banks/MFBs to 3.4 million registered users at the end of June, 2018. Intra-bank and Inter-bank fund transfer were the main contributors in total Mobile Phone Banking transactions.  Intra-bank fund transfers contributed 5.8(26.6%) million transactions by volume and Rs. 186.2(45.4%) billion by value.

Inter-bank fund transfers contributed 5.0 (22.9%) million transactions by volume and Rs. 196.4 (47.9%) million by value. Utility Bills Payments has the share of 10.1 (46.3%) million by volume and Rs.10.5billion (2.6%) by value within overall Mobile Banking volume and value transactions respectively and insignificant  residual share is contributed by  miscellaneous payment using mobile phone app.

Call Center/ IVR Banking Transactions During the year FY18, Call enters/IVR Banking Channel processed 0.3 million transactions amounting to Rs 8.7 million. This channel facilitates Intra and Inter-Bank Funds transfers, Utilities Bill Payments. As on end June2018, there were 26.5 million Call Centers/IVR Banking Channel registered users with Banks.

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