As the world continues to grapple with the aftermath of the Covid-19 pandemic, one sector in Pakistan has seen a noteworthy transition. The country’s payments industry, once reliant predominantly on traditional banking methods, has welcomed digital transformation with open arms. The State Bank of Pakistan’s Q1-FY24 Payment Systems Review reveals that 80% of banking transactions are now conducted digitally, an explosive shift spurred on by the global pandemic. Digitization Surge in Pakistan’s Payments Industry The State Bank’s review indicates that e-banking transactions through banks, microfinance banks, and Electronic Money Institutions (EMIs) saw a dramatic increase, totaling 561 million. This stark upturn contrasts with the 141.3 million over-the-counter (OTC) transactions, pointing to a significant shift in consumer behavior and banking practices. Despite the surge in digital transactions, paper-based transactions continue to hold a significant share in terms of value, with a whopping Rs17 trillion processed. This highlights the ongoing reliance on traditional banking methods for high-value transactions, underscoring the need for further strengthening digital banking infrastructure and consumer trust. Shifts in Transaction Types Digital transactions were predominantly comprised of funds transfers, with Automated Teller Machines (ATMs) processing 208.6 million transactions valued at Rs2.96 trillion in Q1-FY24. A remarkable growth was […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
