Online banking on the up

The use of internet banking has remarkably increased in the country with surging number of customers opted for hassle-free and rapid mode of money transactions through their banks. Showing 89 per increase in the service utility with a volume of money grew by 112 per cent in the first quarter of financial year 2011-12, Technology Times Reported. “Rs 84.85 billion were transferred through internet banking in Pakistan in Jul-Sep 2011 period, with 1.6 million number of transactions,” shows the State Bank of Pakistan’s “Payment Systems Review”. It explains that the money transferred through mobile-banking services were recorded at Rs 4.27 billion against the transactions of 1.6 million through services of different banks. Similarly, the mobile-banking services were also seen significant growth in utility by the customers, which shows the increasing reliability of the customers on the advanced payment system. The volume and value of overall e-banking transactions in the country during the quarter under review was recorded at 63.7 million and Rs.6.15 trillion respectively, showing a decrease of 3.9 per cent in the volume and 1.34 per cent in value as compared to the previous quarter.