Pakistan’s digital payments ecosystem is booming! 88% of all retail transactions were processed through digital channels, with mobile banking apps, branchless banking wallets, and e-money wallets leading the way.
According to the State Bank of Pakistan (SBP), the country saw a 12% increase in digital transaction volume and a 28% rise in value, signaling strong growth in the fintech sector.
Digital Banking Usage on the Rise!
Pakistan’s shift towards a cashless economy is evident, with more users adopting digital banking services:
Mobile banking app users: 21 million (+7%)
Branchless banking (BB) wallet users: 64.3 million (+7%)
E-money wallet users: 4.7 million (+13%)
Internet banking users: 13.3 million (+7%)
E-commerce & Merchant Payments Soar!
The online shopping and digital merchant payment ecosystem saw record-breaking growth:
E-commerce transactions: 152 million (+30%)
E-commerce payment value: Rs. 193 billion (+32%)
Card-based e-commerce transactions: 12.8 million (8%)
Digital wallet/account-based payments: 139.5 million (92%)
POS (Point of Sale) transactions: 89 million (+7%)
Retail & kiryana store QR/BB wallet payments: 22.1 million (+4%)
Raast & RTGS Driving Instant Payments
SBP’s Raast (Instant Payment System) and RTGS (Real-Time Gross Settlement System) are revolutionizing Pakistan’s payments landscape:
Raast transactions in Q2-FY25: 296 million, worth Rs. 6.4 trillion
Total Raast transactions since launch: 1,144 million, valued at Rs. 26 trillion
RTGS large-value settlements: Rs. 330 trillion (+19%)
The Future of Digital Payments in Pakistan
With SBP’s continued initiatives, fintech collaborations, and growing financial inclusion efforts, Pakistan is rapidly transforming into a digitally-driven economy. Expect even faster, safer, and more accessible digital transactions ahead!
Stay Updated on Pakistan’s Digital Economy!
Want to know more? Check out SBP’s Quarterly Payment Systems Review for Q2-FY25!
Do you prefer digital payments over cash? Share your thoughts in the comments!