SBP Releases First and Second Quarterly Report of Payment Systems for FY23

State Bank of Pakistan released its first and second quarterly report of Payment Systems for the Fiscal Year 2022-23(FY23) on April 11, 2023 covering the period July to December 2022. The report presents major highlights of payments ecosystem in the country and comprehensive analysis of transactions processed through the payment’s infrastructure.Raast – SBP’s initiative for providing instant cost efficient, has witnessed promising growth as number of Raast users increased from 15.0 million as of end Q4-FY22 to 21.1 million by Q1-FY23 and 25.8 million by Q2-FY23 showing a growth of 72.1 percent since Jun-22. Number of transactions processed through Raast increased from 7.1 million to 21.5 million (202.1 percent) while value increased from Rs98.4 billion to Rs578.6 billion (488.1 percent) since Q4-FY22.During the quarter Q1-FY23, total e-banking transactions witnessed a growth of 4.1 percent in volume while value declined by 5.0 percent. However, in quarter Q2-FY23, e-banking showed growth in both volume (12.6 percent) and value (6.5 percent) of transactions reaching to 515 million and Rs42.5 trillion respectively. Since Q4-FY22, internet and mobile phone banking users have increased by 21 percent (10.1 million users) and 22 percent (15.0 million users) respectively. Transactions through internet and mobile phone banking channel also showed continued growth in both quarters with combined quarterly growth of both channels of 11 percent by volume and 11 percent by value in Q1-FY23 while in Q2- FY23, volume grew by 18 percent and value by 15 percent. Number of e-commerce transactions in both quarters declined but the value increased by 11.6 percent during Q1-FY23 and 2.2 percent in Q2-FY23. Point-of-Sale (POS) deployed across the country grew by 3.8 percent since previous fiscal year FY22 reaching to 108,899 by the end of Q2-FY23. During July to December 2022, a total of 94.8 million transactions amounting to Rs493.2 billion were processed at POS terminals. Number of ATMs also increased from 17,133 in Q4-FY22 to 17,547 by Q2-FY23.Payment cards in circulation issued by Banks/ MFBs and EMI at the quarter end of Q4-FY22 was 43.0 million which increased to 46.5 million by the end of Q2-FY23. Majority of the issued cards are Debit cards (73.8 percent) followed by Social Welfare cards (21.8 percent), Credit cards (4.1 percent) and Prepaid cards (0.2 percent). For details: https://www.sbp.org.pk/psd/pdf/PS-Review-Q1FY23.pdf https://www.sbp.org.pk/psd/pdf/PS-Review-Q2FY23.pdf

Source: IBP

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