ISLAMABAD, April 12 (Xinhua) -- Pakistan's initiative for providing instant cost-efficient payment system "Raast" has resulted in promising growth as the number of its users increased to 25.8 million by the second quarter of fiscal year 2022-23 (July 2022-June 2023), the State Bank of Pakistan (SBP) said.
The number of its users was around 15 million by the end of the fourth quarter of fiscal year 2021-22, showing a growth of over 72 percent since June last year, the SBP said in its first and second quarterly report released on Tuesday.
During the first quarter of this fiscal year, the total e-banking transactions grew 4.1 percent in volume. However, the value declined by 5 percent, the report said.
In the second quarter, it rose 12.6 percent in volume and 6.5 percent in the value of transactions, the report added.
Additionally, the transactions through internet and mobile phone banking channel also showed continued growth in both quarters, with combined quarterly growth in both channels being 11 percent in volume and 11 percent in value in the first quarter.
In second quarter, it grew by 18 percent and 15 percent, respectively, according to the SBP. ■
