Home » Over 450% increase in mobile banking transactions in Pakistan

Over 450% increase in mobile banking transactions in Pakistan

by Haroon Amin
0 comment 97 views

In Pakistan, the amount of money transacted through mobile banking has increased dramatically. In the fiscal year 2022–23, transactions totaled Rs. 15 billion, a remarkable rise from Rs. 2.7 billion in 2021–22 and Rs. 2.2 billion in 2020–21.

This increase is due to a notable jump in transaction value, which was Rs. 15,466 billion during the same time last year as opposed to Rs. 10,637 billion and Rs. 8,086 billion in the years prior.

As to a PTA document, the number of mobile wallet accounts in Pakistan has increased significantly, with over 107 million accounts as of 2023, compared to 89 million in 2022, 75 million in 2021, and 53 million in 2020. This significant rise illustrates how Pakistanis are becoming more and more reliant on digital financial services, which promotes greater financial inclusion and convenience.

Likewise, Pakistan has seen a continuous increase in the number of mobile wallet agents, with 630,033 agents in 2023. A minor decline occurred from 637,231 agents in 2022 to 534,460 agents in 2021; nonetheless, the general trend indicates a steady upward trajectory with annual growth. The number of mobile wallet agents in 2020 was 445,181, while in 2019 it was 421,053.

These figures highlight how, thanks to technological improvements and initiatives to increase financial inclusion, mobile banking and digital payment options are becoming more and more popular in Pakistan. With its increased accessibility and efficiency for both individuals and companies, mobile banking is predicted to be a major factor in determining the financial landscape of the nation as it continues to gain popularity.

You may also like

Leave a Comment