Digital Retail Payments in Pakistan Soar to Rs36 Trillion, Says SBP
In the first quarter of FY25 (July-September), digital retail payments in Pakistan saw a significant rise, reaching Rs36 trillion. The volume of transactions grew by 9%, totaling 1.7 billion transactions, according to the State Bank of Pakistan (SBP).
The Quarterly Payment Systems Review by the SBP pointed out that overall retail payments grew by 8% and stood at 1.95 billion transactions valued at Rs136 trillion.
Retail payments are now increasingly processed through digital channels, which handled 87% of the volume of transactions. This indicates increased trust in digital payment methods.
One of the major factors is mobile banking apps. 1.3 billion transactions worth Rs19 trillion were processed during the quarter through these apps, showing an increase of 11% in volume and 14% in value. The number of users of mobile banking apps also increased by 4% to 96.5 million users.
E-commerce payments also increased to a level, of 118 million transactions, with a growth rate of 29%. Of all these, 91% were digital wallets and less card-based payment systems.
Point of Sale (POS) terminals for digital payment inside stores increased to 132,224 and processed 83 million transactions of Rs429 billion. Pakistan’s ATM network expanded to 19,170 units, handling 243 million transactions worth Rs3.9 trillion.
Most noteworthy of its achievements, the Raast instant payment system processed a 197 million transaction volume amounting to Rs4.7 trillion.
Report. emphasizes that it is the success of collaboration between banks, fintech companies, and other related payment service providers and the regulatory machinery with the emergence of a flourishing ecosystem. Financial inclusion through easier access to various kinds. of payment solutions across, the country. has gained momentum.
One of the key efforts is reaching underserved communities. Over 693,000 branchless banking agents played. a crucial role in providing services, particularly in rural and remote areas. They processed 28 million bill payments and mobile. top ups as well as 75 million cash deposit and withdrawal transactions.
Growth was also there among retail merchants who saw 16% growth in acceptance with the help of digital payments like mobile wallets, QR codes, and a variety of other digital payments, which, are bridging regional economic gaps.
Digital payments boom in Pakistan: The increase in digital payment will help consumers and businesses shift towards becoming a more inclusive and technology-driven financial setup.
