KARACHI: Payments through digital systems during the previous fiscal year (FY 16) have registered the growth of 29 percent to Rs 231.7 trillion as compared to the FY15. According to the State Bank of Pakistan, the volume and value of large value transactions through real-time gross settlement systems (RTGS) reached 930,501 and Rs 231.7 trillion, respectively during FY16 showing an increase of 21 percent and 29 percent in volume and value, respectively from the FY15. Though the volume of paper based transactions have decreased by 6 percent during the year, they still constitute approximately 38 percent of volume of total retail payments. On the other hand, the use of e-Banking channels has shown bullish trend as evident from increase of e-Banking transactions by 16 percent in volume and 4 percent in value. Likewise, Real-time Online Banking transactions also rose 135.4 million by volume and Rs. 32.3 trillion by value showing an increase of 19 percent in volume and two percent in value of e-banking transactions during the period under review, said State Bank of Pakistan. The use of Alternate Delivery Channels (ADCs) such as ATMs, POS terminals, Internet and Mobile Banking also showed rising trend as of June 16 as 39.2 million transactions valuing approximately Rs.200 billion were carried out at POS terminals as compared to 32.1 million transactions valuing Rs.172 billion which showed a surge of 22 percent in volume and 16 percent in value as compared to the previous year, SBP added. Likewise, Internet and mobile banking also showed steady growth. The Internet banking rose to 18 percent in volume and 10 percent in value whereas mobile banking showed an increase of eight percent in volume and five percent in value during the period under review. Payment system infrastructure also showed phenomenal growth during the period under review, the central bank said adding that the number of branches increased from 11,937 to 13,179, whereas total number of ATMs installed in the country increased from 9,597 to 11,381 during the year. On the other hand, 9,586 POS terminals were added to the network totaling 50,769 POS terminals as on June 30, 2016. “Payment systems in Pakistan have shown significant growth in key performance indicators. It is encouraging to witness consistent upward trend in volume and value of payments through digital and electronic channels which compliment the SBP vision to promote digital payments in the country,” central bank said. Going forward, SBP is working on a two pronged strategy for effectively enabling the adoption of electronic and digital payments by the general public in Pakistan. Firstly, the expansion of infrastructure at three different levels: instruments (like cards and wallets), access points (like ATMs, POSs, and mobile devices) and central payment processers (like switches and gateways). Secondly, the strengthening of regulatory and oversight frameworks for ensuring the safety and soundness of these payment infrastructures which, in turn, will enhance the trust and confidence of ordinary consumers on these alternate payment methods, said SBP.