Mobile and internet banking ease the banking sector, allowing e-transactions without visiting the nearby bank or ATM. E-banking is defined as the transactions performed via electronic channels like real-time online branches, ATMs, mobile banking, internet banking, call center banking, Points of Sale (POS), and e-commerce. Mobile banking increased by 4 percent added the 11.3 million users in the banking sector. Mobile banking also outclassed internet banking topped all channels of e-banking. The banking sector should collaborate with the IT sector to address the cyber risks and develop security infrastructure for the safety of public assets.

Source: The Express Tribune March 03, 2022 11:02 UTC