KARACHI - Country shows robust growth in usage of electronic banking and payments during Fiscal Year 2013-14, says Annual Payment System Review for the FY 2013-14 issued by State Bank of Pakistan.

The progress certainly bodes well for country’s electronic banking and mobile banking since they have emerged as fastest growing payment channels among all Alternative Delivery Channels (ADCs) in terms of volume and value.

According to details, Internet Banking shows an impressive growth of 80pc reaching 17 million transactions and Mobile Banking shows a substantial increase of 149pc reaching Rs.67.2 billion during the year. Retail payments during FY 2013-14 also registered inspiring growth and POS Transactions reached 24 million, valuing Rs.124 billion. These transactions are 33pc higher in volume and 38.5pc in value. ATM transactions also recorded notable increase and stood at 258 million of value Rs.2.6 trillion, showing a growth rate of around 30pc in volume and value, whereas, volume and value of Call Center & Interactive Voice Response (IVR) Banking was 0.67 million and Rs 9.5 billion respectively showing growth rates of 4pc in volume and 17pc in value.

The report further disclosed that Real Time Online Banking (RTOB) transactions have increased to around 98.5 million in terms of volume and Rs 30.2 trillion in value showing a growth of around 11pc each. In Large Value Payments Systems, during the FY2013-14, RTGS processed over 600,000 payments worth Rs 149 trillion as compared to 488,018 transactions of value Rs.162 trillion in FY2012-13 showing an increase of 23pc while the value showed a decrease of 7.7pc.