Pakistan is witnessing a significant transformation in its financial landscape as digital payments continue to gain momentum, driving the country towards a cashless future. According to the latest data for fiscal year 2024-25, digital transactions in Pakistan surged by 38% compared to the previous year, highlighting a growing preference for electronic and cashless modes of payment across both consumers and businesses.
The total value of digital transactions reached an impressive Rs 612 trillion, reflecting a 12% increase from FY 2023-24. This surge in transaction value underscores the increasing trust and reliance on digital payment channels among citizens and enterprises alike. In total, 9.1 billion digital transactions were recorded nationwide during the period, illustrating the rapid adoption of technology-driven financial solutions throughout Pakistan.
Retail payments have particularly benefited from this shift, with 88% of all retail transactions now conducted digitally, compared to 78% last year. This indicates a substantial leap in consumer adoption of digital wallets, mobile banking, card payments, and QR code-based transactions. The growing preference for electronic payments is also evident in the expansion of digital infrastructure across the country. Over 195,849 point-of-sale (POS) terminals have been installed nationwide, representing a 56% increase from the previous year, while the number of QR-enabled merchants has doubled to 1.1 million, enabling small and medium-sized businesses to accept digital payments seamlessly.
Branchless banking has emerged as another cornerstone of Pakistan’s digital financial ecosystem, with over 731,000 branchless banking agents actively operating across urban and rural areas. These agents are bridging gaps in financial inclusion by providing convenient access to banking and payment services for underserved communities, promoting financial empowerment, and reducing reliance on cash.
The government of Pakistan, along with financial regulators and technology partners, continues to play a pivotal role in driving this digital payments revolution. Collaborative efforts by institutions including the State Bank of Pakistan, Ministry of Finance, Ministry of Information Technology, and fintech stakeholders have fostered an environment conducive to innovation, transparency, and accessibility in the financial sector.
Looking ahead, Pakistan aims to further enhance its digital payments ecosystem, focusing on inclusion, security, and efficiency. By encouraging widespread adoption of electronic payment systems, expanding branchless banking networks, and supporting digital literacy initiatives, the country is laying the foundation for a more inclusive and transparent financial future. Analysts suggest that the continued growth of digital payments will not only improve operational efficiency and reduce cash handling costs but also drive economic growth by facilitating smoother, faster, and more accountable transactions across the economy.
As Pakistan looks towards 2025 and beyond, the vision is clear: a digital, inclusive, and empowered financial ecosystem. The adoption of digital payments is connecting citizens, empowering businesses, and positioning the country as a leader in fintech innovation within the region. With a focus on building a cashless society, the transformation underway is set to reshape how Pakistanis interact with money and financial services, ultimately contributing to broader economic development and sustainable growth.
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