Pakistan’s Digital Realm in the Banking Sector

The world has come into a digital era where everything now happens on fingertips. Pakistan is finally catching up with the digital realm of this world. One of the perks of digital tech is Mobile phone banking which is on the rise in Pakistan. State Bank of Pakistan reports a rise in the user accounts and utility banking services as the numbers reach up to 5 million. 

According to the State bank of Pakistan, currently 23 banks in Pakistan are providing mobile phone banking facility to their customers and the numbers of users have crossed the benchmark of 5 million in the current fiscal year. These users processed 11.9 million transactions valued at Rs. 271.3 billion using mobile banking apps in Jan-Mar 2019 quarter.

Internet banking is becoming immensely popular amongst Pakistanis as the registered numbers of users have reached 3.1 million across 27 banks that offer this service. During the quarterly review transactions of 8.6 million valued at 362.3 billion were processed through internet banking 

On the other hand, 22 banks are providing banking services through call center/IVR with a registered user-base of 30.8 million. During the quarterly review, observation of 66 thousand transactions was recorded that amounted to Rs 2.3 billion via Call Centers/ IVR Banking

Although this seems like a high number as compared to internet and mobile banking customers are still less inclined towards call center/IVR services. This is also substantiated from the fact that the transactional volume has decreased by 8.5%.

Also Read: Pakistan’s Digital Realm in the Banking sector

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