Islamabad, Mar 30. 2025: Digital payment systems have revolutionized retail transactions in Pakistan, with 88% of all payments now being conducted through digital channels.
Mobile banking applications, branchless banking (BB) wallets, and electronic money platforms played a vital role in this transformation, collectively handling 1,450 million transactions worth Rs. 24 trillion.
This reflects a 12% rise in transaction volume and a 28% surge in value, as per the latest report by the State Bank of Pakistan (SBP).
The digital financial ecosystem in Pakistan continues to expand, with further growth observed in Q2-FY25.
The adoption of digital banking services has witnessed a steady increase.
The number of mobile banking users climbed to 21 million, showing a 7% rise, while e-money and BB wallet users reached 4.7 million (13% growth) and 64.3 million (7% growth), respectively.
Additionally, internet banking users expanded to 13.3 million, reflecting a 7% increase.
Merchant transactions through digital platforms also experienced robust growth, with e-commerce transactions surging by 30% in volume to 152 million, totaling Rs. 193 billion—a 32% increase in value.
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Out of the total e-commerce transactions, 8% (12.8 million) were carried out using payment cards, whereas a significant 92% (139.5 million) were processed through digital wallets and online accounts.
In terms of transaction value, cards accounted for 33%, while digital wallets made up 67%.
The number of POS-enabled merchants expanded to 115,177, operating 151,646 POS terminals that facilitated 89 million in-store purchases, amounting to Rs. 510 billion, an increase of 19%.
Retail outlets and local convenience stores that accepted QR code payments or BB wallet transactions processed 22.1 million transactions worth Rs. 58 billion, marking a 4% rise in volume and a 9% increase in value.
The SBP-operated payment networks, including Raast (Instant Payment System) and the Real-Time Gross Settlement System (RTGS), played a crucial role in driving digital transactions nationwide.
Raast handled 296 million transactions worth Rs. 6.4 trillion in Q2-FY25, bringing its total since launch to 1,144 million transactions valued at Rs. 26 trillion.
Meanwhile, RTGS facilitated high-value settlements worth Rs. 330 trillion, recording a 19% rise in value.
Retail transactions saw an 11% increase in volume, reaching 2,143 million, while the total transaction value grew by 12% to Rs. 154 trillion.
This expansion was fueled by mobile banking, internet banking, and over-the-counter (OTC) banking transactions, as highlighted in SBP’s Quarterly Payment Systems Review for Q2-FY25.
Pakistan’s digital transformation is being driven by SBP’s forward-thinking initiatives, alongside efforts from banks, fintech firms, and payment service providers.
As digital transactions continue to rise, SBP remains dedicated to promoting financial inclusion and streamlining payment mechanisms for individuals and businesses alike.
