Technology

Pakistan now has 14,000+ ATMs to facilitate cash withdrawal & fund transfer

Pakistani banks have broadened the networks of ATM which has now crossed the milestone of 14,000 at the end of the financial year 2017-18. These ATMs facilitate cash withdrawal, transfer of funds and utility bill payments etc. in different cities.

According to the latest stats shared by State Bank of Pakistan, the number of ATMs owned by 32 banks (Conventional & Islamic Banks) has reached the mark of 14,019. These banks added 1,330 ATMs at different locations of cities and remote area of Pakistan during the year 2017-18 which showed a double-digit with a year-on-year growth of 11.5 percent. While the number of ATMs was 12,689 by end of 2016-17.

The ATMs also works at a lower cost which forced different banks to expand their networks in order to provide services to their customers. However, the operating costs of ATMs are quite high in Pakistan as they provide 24/7 services which required the availability of electricity and internet services all the time.

As per the report, during the fiscal year 2017-18, ATMs processed Rs 470.6 million in transactions rising the overall transactions to Rs. 5.5 trillion. These transactions showed a year-on-year growth of 18.3% by volume and 21.6% by value.

Among these ATMs, 11,366 (81.1%) were installed On-site and 2,648 (19.9 %) were Off-Site ATMs, which were installed at various corporate offices, hospitals, shopping Malls etc.

Additionally, there are 2,324 ATMs equipped with sensors which ask for biometric authentication of the person. Furthermore, there were 52 Cash Deposits Machines (CDMs) with dual functionality of cash withdrawals and deposits.

However, despite the availability of a whopping number of ATMs installed in different cities, cash withdrawals still have the highest volume and value of transactions which leads to reducing the dependence on branches in the banking industry.

Sponsored
Aqsa Khunshan

I have done Mphil in Biotechnology from Punjab University, Lahore. I love to write about topics that fascinate me; business, startups, health, technology and, women empowerment. I am a foodie, ambivert, and angry anarchist. I have an instinct to learn new things and explore innovative ideas. You can reach out to me at aqsa.khunshan@techjuice.pk

Share
Published by
Aqsa Khunshan

Recent Posts

Garena Free Fire India Launch Rumors: What Fans Need to Know

Reports suggest that Garena Free Fire is set to make a much-anticipated return to India.…

16 hours ago

Albania Bans TikTok for One Year: Here’s the Reason!

The Albanian government has announced a ban on the social media platform TikTok for a…

20 hours ago

Google Pixel 9 Pro vs. 8 Pro: Biggest Upgrades Compared

The launch of Google’s latest Pixel lineup brings an exciting chance to compare the new…

21 hours ago

Azad Kashmir to Host Pakistan’s First Women-Centric Software Technology Park

ISLAMABAD: In February next year, Pakistan is set to launch its first women-focused software technology…

22 hours ago

HEC Reveals Law Admission Test Date for LLB Students

The Law Admission Test (LAT) has been announced by the Higher Education Commission (HEC) of…

23 hours ago

Meta’s WhatsApp to Release New Playback Speed Feature for Videos

Meta's WhatsApp is rolling out a new playback speed feature, allowing users to adjust video…

1 day ago