Page 13 - Payment System Review -Q2 FY24
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Retail Payments
Retail payments in Pakistan can be conducted through cash, internet banking, mobile phone banking
(apps and USSD), call center/IVR banking, ATMs, POS, digital wallets, payment cards and interoperable
QR codes. Retail transactions in Pakistan conducted through different channels during Q2 of FY24 are
summarized below:
Fund Transfer POS Purchase E-Commerce Purchase
340 million 65 million 11 million
PKR 99,876 billion PKR 363 billion PKR 51 billion
Bill Payment & Top-up Retail Cash/Cheque Deposit
55 million 49 million
PKR 1,187 billion Payments PKR 13,995 billion
Cash Withdrawal Paper Instrument Payments Other Payments**
279 million 2 million 15 million
PKR 14,313 billion PKR 8,030 billion PKR 2,510 billion
* Includes Pay Orders (POs), Demand Drafts (DDs), Banker’s Cheque (BCs) and Direct Debit transactions
** Includes third-party invoice based payments, government payments, other Paper-Based transactions, and any other
transaction processed by Banks, MFBs and EMIs not exclusively presented separately.
The total retail payments for the quarter amounted to 816.3 million, with a breakdown revealing that
42% comprised fund transfers, 34% were cash withdrawals, 9% constituted store purchases through
POS or e-commerce websites, 7% were bill payments, 6% encompassed cash or instrument-based
deposits, and the remaining 2% encompassed paper instrument-based transfers, third-party invoices,
government payments, and other miscellaneous transactions.
As of quarter end Q2 FY24, only 5 banks and 2 Payment System Operators (PSOs) were providing e-
commerce payment acceptance services to merchants. Although, growth in e-commerce purchases
have remained nominal for the last 3 quarters as small number of merchants were accepting payments
online. This is primarily due to the fact that digitization of merchant’s end-to-end business is a
challenge as majority of merchants have no online presence. Despite this, e-commerce transactions
increased by 13% during the quarter.
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