Pakistan’s digital payment ecosystem continues to expand, with a significant portion of retail transactions now occurring through digital channels. According to the State Bank of Pakistan’s (SBP) latest Quarterly Payment Systems Review for Q2-FY25, 88% of all retail transactions were conducted digitally, showcasing the country’s accelerating shift towards a cashless economy.
Surge in Digital Transactions and Payment Volumes
During Q2-FY25, digital payment platforms, including mobile banking apps, branchless banking (BB) wallets, and e-money wallets, processed a total of 1,450 million transactions worth PKR 24 trillion. This represents a notable 12% increase in transaction volume and a substantial 28% rise in transaction value compared to previous quarters. The rapid adoption of digital banking solutions highlights the growing consumer preference for seamless, tech-driven financial services.
The review also reports a steady rise in the number of users embracing digital banking. Mobile banking app users increased to 21 million (a 7% rise), while e-money and BB wallet users grew to 4.7 million (up by 13%) and 64.3 million (up by 7%), respectively. Internet banking users also saw an upward trend, reaching 13.3 million (a 7% increase).
E-Commerce and Digital Payments on the Rise
E-commerce transactions surged during the quarter, recording a 30% increase in volume to 152 million transactions, amounting to PKR 193 billion—a 32% rise in value. Of these, 92% of transactions (139.5 million) were processed through digital wallets and accounts, while the remaining 8% (12.8 million) were made via cards. In terms of transaction value, digital wallets accounted for 67%, while card-based payments contributed 33%.
In the physical retail sector, the number of Point-of-Sale (POS) enabled merchants expanded to 115,177, operating 151,646 POS terminals. These merchants facilitated 89 million in-store purchases, amounting to PKR 510 billion, reflecting a 7% increase in volume and a 19% increase in transaction value.
Additionally, retail and kiryana store merchants utilizing QR codes and BB wallet payments saw a 4% rise in transaction volume, reaching 22.1 million transactions worth PKR 58 billion—a 9% growth in value. These figures indicate that small-scale retailers are increasingly adopting digital payment solutions.
Pakistan’s digital payment ecosystem continues to expand, with significant transaction volumes recorded across key payment systems. Raast, the country’s Instant Payment System, processed 296 million transactions worth PKR 6.4 trillion during Q2-FY25. Since its launch, it has facilitated a cumulative total of 1,144 million transactions, valued at PKR 26 trillion. Similarly, the Real-Time Gross Settlement (RTGS) system handled large-value transactions amounting to PKR 330 trillion, reflecting a 19% increase in transaction value compared to the previous quarter.
