Mobile banking transactions surpass Rs11tr in October-December

KARACHI: The central bank has revealed a significant upswing in digital banking transactions during the second quarter (October-December) of the ongoing fiscal year, with the number of mobile app-based transactions surging 29 per cent to 280 million and internet banking transactions rising 15pc to 57m compared to the previous quarter. The value of mobile banking transactions during the three months crossed the Rs11 trillion mark for the first time, amounting to Rs11.2tr, according to the State Bank’s latest quarterly “Payment Systems Review” published on Wednesday. The value of internet banking transactions jumped to Rs5.4tr. The number of mobile and internet banking users jumped 8pc and 5pc to 16.3m and 10.8m, respectively, during the quarter compared to the preceding one. The share of internet and mobile app-based transactions was higher than card-based transactions, the report said.