According to the latest data from the central bank, the number of e-wallets was nearly 75 million in June 2021, up from 53 million in June 2020. ) at least once, in 180 days), by June 2021 it was 46 million, up from 27 million a year earlier.
Digital payments are on the rise in Pakistan as pandemic situation gives traction for its adoption. One of the most important channels where growth is most noticeable are mobile wallets offered by Branchless Banking segment of Commercial Banks.
The number of active e-wallets has witnessed growth of 72%YoY. As a result, in the quarter ending June 2021, customers made 6.4 million transactions per day directly through their wallets. This figure is 57 percent more than 4 million daily e-wallet transactions in April-June 2020. The volume in excess of the portfolio also slightly increased over this period and amounted to 2666 rubles.
The number of e-wallet transactions in April-June 2021 amounted to 577 million, which is 58 percent more than a year earlier. Net sales were augmented by additions to mobile devices, transferring funds between wallets and cash deposits. The value of e-wallet transactions this quarter increased by Rs 1.5 trillion, up 61 percent from a year earlier. The main factors are the transfer of funds between wallets, cash deposits and bank transfers.
Overall, the branchless banking transactions witnessed an exceptional yearly performance taking cue from SBP’s quarterly figures. During FY21, total volume of Branchless Banking transactions had grown by two-thirds to reach 2.1 billion, with transaction value getting more than doubled to Rs6.7 trillion.
There is indeed a potential for further rise as Large number of Cash in Hand gets adjusted in the banking system
Latest posts by News Desk (see all)
- Oil Prices down amid Geo-Political Uncertainty - November 1, 2023
- Govt to borrow PKR8.5 trillion in Bond Auction till Jan-2024 - November 1, 2023
- Nishat Chunian Ltd: 1QFY24 profit rises 13 percent to PKR 500mn - October 31, 2023
