EghtesadOnline: Shaparak, the Central Bank of Iran-affiliated supervisory entity in charge of the country’s payment settlement network, has released its latest report for the 11th month of the current fiscal to Feb. 19, which shows another bout of growth in transactions.
According to the report published on Shaparak’s website, more than 1.54 billion transactions worth more than 1.61 quadrillion rials ($33.62 billion) were processed in the month. Transactions have respectively grown by 6.75% and 4.79% in terms of numbers and value compared to the previous month’s figures when more than 1.44 billion transactions worth more than 1.54 quadrillion rials (32.15 billion) were processed.
On a year-on-year basis, the number and value of transactions grew by 36.42% and 24.3%, as more than 1.13 billion transactions worth more than 1.29 quadrillion rials ($26.94 billion) were processed during the period.
After taking out the effect of inflation, the value of transactions had a real increase of 3.87% compared to the previous month. The inflation’s effect is more pronounced on an annual basis, as Shaparak put the real YOY hike in the value of all transactions at 13.67% after considering a 9.35% point-to-point inflation, according to Financial Tribune.
Based on the report, the number of Internet instruments of receiving transactions grew by 3.33% during the 11th month when compared to the previous month, as they had a market share of 8.42% that was slightly less than the month before.
The number of mobile instruments for receiving payments, on the other hand, registered the biggest growth at 65.64% in the aforementioned month and they grab an 11.13% share of the market, up by almost 4% compared to the month before.
Point-of-sale devices installed in shops grew only by 1.51% in numbers on a monthly basis, but they still hold a dominating market share of 80.45%.
On the whole, the number of instruments for receiving payments registered a 6.24% rise when compared to the 10th month of the current year.
The report indicates that in terms of numbers, transactions aimed at purchasing products and services grabbed the biggest share at 77.76% while transactions conducted for paying public utility bills and purchasing phone recharges, and transactions done for checking account balance had a respective share of 14.89% and 7.35%.
In terms of value, transactions for purchasing goods and services had a 94.86% share while those aimed at paying bills and buying phone recharges had a 5.14% share.
Tehran boasts the highest number of payment receiving instruments. During the 11th month, more than 1.41 million POS devices were active in the capital, followed by Khorasan Razavi and Isfahan provinces with 515,539 and 482,718 devices respectively.
About 240,000 mobile payment receiving instruments and 150,000 Internet payment receiving instruments were active in Tehran in the same month to constitute the biggest share in Iran, while Isfahan and Khorasan Razavi were placed second and third respectively.
According to Shaparak, more than 1.54 billion transactions or 89.74% were conducted successfully during the penultimate month of the current Iranian year.
In analyzing the faulty transactions, the entity reports that the total number of unsuccessful transactions decreased by 6.15% in the month under review compared with the month before while errors on the sending end, emanating from the sending bank or the Shetab interbank system, registered the highest improvement at 60.21%.
At 9.09% of all transactions, user errors accounted for a majority of faulty transactions, followed by errors on the sending end at 1.01% of all transactions.
Shaparak also tracks incomplete transactions that were successful on the user end, but whose clearance application did not reach the settlement network after 48 hours.
According to the entity, 6.75% of all transactions during the 11th month were incomplete, signaling a decline of 13.52% compared to the previous month.