ISLAMABAD: Encouraging the Branchless Banking, the State Bank of Pakistan (SBP) has developed a strategy to increase mobile wallets to over 50 million in next five years
According to SBP data, at present around 5 million customers hold m-wallets to avail host of services including fund transfer, utility bills payments, domestic remittances, mobile top-ups, loan repayment and saving account features.
Data shows that the monthly volume of branchless banking transactions is 24m, valuing Rs125b. Four more banks have recently joined the BB system. Both regulators – PTA and SBP were working in close coordination to develop regulatory framework that supports growth in the mobile banking sector.
The 3G/4G spectrum has revolutionised the lifestyle in Pakistan and playing an important role in socio- economic development. The mobile broadband subscribers have reached 14 million mark since its launch few months ago and is expanding on an average by one million new subscribers every month.
