News

In Pakistan, ATM transactions see steep decline

July 15, 2003

KARACHI, Pakistan -- Cash dispensed through ATMs throughout Pakistan dropped by 13 billion rupees ($225 million U.S.) during 2003's first quarter, according to a report in The News International.

Citing figures released by the State Bank of Pakistan (SBP), the News International said that the overall number of ATM transactions also declined in the quarter, from 9.7 million to 3 million.

The central bank, in its first such report on the ATM business, did not give a reason for the drop.

In another development, the SBP has established a Payment System Department, which will control all e-banking policies in the country.

According to the report, the SBP hopes to introduce a real time gross settlement system to replace the country's existing outdated payment system. All receipts and payments, particularly government controlled transactions, would be carried out through this new system.

According to the report, th new department is vested with powers to "introduce developmental strategies for payment systems including e-banking, smart cards and e-money."