Pakistan’s digital payment landscape is surging, with a staggering 83% of all retail payments processed electronically in the latest quarter, according to the State Bank of Pakistan’s report. This marks a significant shift from traditional methods, with cash transactions now representing just 17% of the total.
The report highlights a surge in digital payment activity, with banks and electronic money institutions processing a combined 844 million transactions worth over Rs. 128 trillion during the quarter. These transactions were primarily for fund transfers, cash withdrawals, and online purchases.
There’s also a growing digital user base in Pakistan, with an average growth of 8% across various platforms like mobile banking apps and e-wallets. Mobile and internet banking remain the preferred channels, with both witnessing significant transaction growth.
An extensive network of bank branches, ATMs, POS terminals, and branchless banking agents facilitates these digital transactions. Pakistan’s instant payment system, Raast, is also experiencing impressive growth, solidifying its role in the country’s digital payment ecosystem.
The report underscores a growing reliance on and trust in digital payment systems in Pakistan. This trend is expected to continue as the digital user base expands and the range of digital payment options grows.
