KARACHI, March 29: Retail payments in Pakistan crossed the two-billion mark in a single quarter for the first time, reaching 2.143 billion transactions—an 11% increase from the previous quarter—according to the State Bank of Pakistan’s (SBP) Second Quarterly Payment System Review for FY25.
The total value of these transactions grew by 12% to Rs154 trillion during the October-December period, primarily fueled by mobile banking, internet banking, and over-the-counter (OTC) transactions at bank branches.
Digital platforms played a dominant role in this growth, processing 1.88 billion transactions, accounting for 88% of all retail payments, while OTC channels handled 263 million transactions (12%).
However, in terms of transaction value, Rs45 trillion (29%) was processed through digital channels, whereas OTC transactions—including bank branches and branchless banking agents—accounted for Rs109 trillion (71%).
Mobile Banking & Raast Drive Digital Growth
Mobile banking applications remained at the forefront of Pakistan’s digital transformation, recording 1.45 billion transactions worth Rs24 trillion, reflecting a 13% rise in volume and a 28% increase in transaction value.
Read More: KP’s Digital Payment Revolution Begins!
The SBP report highlights that mobile banking now contributes 77% of all digital transactions by volume and 53% by value, underscoring its role as the key driver of cashless payments.
Meanwhile, Raast, Pakistan’s instant payment system, experienced rapid adoption, with person-to-person (P2P) transactions surging to 294 million, reflecting a 50% rise in volume.
The total transaction value reached Rs6.1 trillion, marking a 32% increase from the previous quarter.
ATM & E-Commerce Transactions See Steady Growth
Pakistan’s 19,519 ATMs facilitated 259 million transactions worth Rs4.3 trillion, with an average transaction size of Rs16,400 and 144 transactions per ATM per day.
E-commerce payments also experienced robust expansion, with 152 million online transactions, up 30% in volume, while the total transaction value climbed 32% to Rs192 billion.
Also Read: SBP Unveils Raast Participation Criteria to Boost Digital Payments Network
Additionally, large-value transactions via the Real-Time Gross Settlement System (RTGS) processed Rs330 trillion, marking a 19% increase in value.
The SBP emphasized that Pakistan’s digital transition is being driven by its strategic policies, alongside efforts from banks, fintech firms, and payment service providers.
It reaffirmed its commitment to fostering financial inclusion and improving payment efficiency for both individuals and businesses.
