ISLAMABAD, Dec. 30 (Xinhua) -- The share of digital payments in retail transactions of banking system in Pakistan increased to 80 percent in the first quarter of the current fiscal year starting from July 2023, the State Bank of Pakistan (SBP) said Saturday.

 

It increased to 74 percent in the same quarter of the last year, the SBP said in its Quarterly Payment Systems Report for the first quarter of the current fiscal year.

 

While the share of over-the-counter (OTC) transactions was 20 percent in retail transactions this quarter, its share by value was 87 percent, indicating customers' preference for OTC channel for higher value transactions, said the report.

 

Regarding digital platform users, there were 17 million mobile banking users and 10.3 million internet banking users by the end of the quarter, it added.

 

In addition, there were 54.3 million payment cards issued to customers, of which 79 percent were debit cards, 17 percent were social welfare cards, and 4 percent were credit cards, according to the report.