E-payments increase 8.2% during Jan-March

KARACHI: Electronic payments continued to rise as both the number of transactions and value of such transactions increased during January to March 2010.

The value of e-payment transactions increased 8.2 per cent to Rs4.5 trillion while the numbers rose to 50.3 million in the third quarter of fiscal year 2010 against the previous quarter. The use of electronic channels has shown a consistent growth as electronic transactions amounted to 37.75 per cent of the total retail transactions, the report showed. Real time online banking transactions increased 12.1 per cent to 15.9 million and the volume went up 8.2 per cent to Rs4.2 trillion.

The number of automated teller machine (ATM) transactions also increase and the value reached 29.4 million and Rs232.6 billion respectively, showing an increase of 7.9 per cent in number and 10.4 per cent in value. Total number of ATMs during the third quarter reached 4,375, registering a growth of 3.7 per cent. The number of debit cards and their transactions both increased 9.2 per cent to 32.75 million and Rs 256.95 billion respectively. Credit card transactions were down 3.9 per cent to 3.6 million this quarter while the value was down 4 percent to Rs16.35 million, the report pointed out.

The total number of cards (debit/credit and ATM only) in circulation during the third quarter reached 10.45 million, which shows an increase of 4.9 per cent. Point of sales transactions volume and value of were recorded at 3.7 million and Rs 17.2 billion respectively showing a decline of 5.1 per cent in numbers and 6.2 per cent decrease in value. Real time online branches during third quarter reached to 6,634, a growth of 0.7 per cent as compared to 7.6 per cent increase recorded in the previous quarter, the report showed.

Published in the Express Tribune, May 19th, 2010.