Digital revolution: Mobile banking accounts in Pakistan almost tripled in just 3 years
With increasing availability of internet and mobile phone access, more and more customers are turning to digital banking services to conduct transactions and manage their accounts as Pakistan is quickly becoming a digital powerhouse; with a staggering 148% increase in mobile banking accounts recorded over the past three years.
This shift towards digital banking is being driven by a number of factors, including the increasing availability of internet and mobile phone access, as well as a growing awareness among customers of the convenience and security offered by digital banking services.
According to a report by the Pakistan Telecommunication Authority (PTA), the number of mobile banking accounts in the country has soared to 8.85 million, while online banking transactions have risen by 32% during the 2021 fiscal year.
But it’s not just banking that’s going digital in Pakistan, the number of e-commerce retailers in the country has also seen a 76% increase, reaching a total of 4,445.
And it’s no surprise that mobile banking transactions through apps have jumped by a whopping 90 million in the past three years, with 93% of households in Pakistan now owning a personal mobile phone.
These impressive figures demonstrate the rapid pace at which Pakistan is embracing digital technology, with online transactions worth a staggering 10,600 billion in 2021-22 alone.
Experts attribute this digital revolution to the growing availability of mobile phones and internet access, as well as the increasing need for convenience and safety in the wake of the pandemic.
So what does this mean for Pakistan’s future? With more and more people turning to digital payments, it’s clear that the country is on the path to becoming a fully-fledged digital economy. And as the world continues to move towards a cashless society, Pakistan is positioning itself at the forefront of this trend.