Pakistan’s Retail Payments Hit PKR 612 Trillion as 93% of Online Transactions Go Digital: SBP

Karachi, Pakistan:TheState Bank of Pakistan(SBP) has released itsAnnual Report on Payment Systemsfor the Fiscal Year 2024–25, revealing a year of remarkable digital growth and transformation across the country’s payments landscape. The report underscores how regulatory reforms, robust digital infrastructure, and rising consumer confidence continue to accelerate the shift toward a cashless economy. According to the report,retail payments reached 9.1 billion transactions valued at PKR 612 trillion, marking a38% increase in volumeand12% growth in valuecompared to the previous year. The majority of this growth came from digital channels, which now account for88% of all retail transactions, up from 78% in FY23 and 85% in FY24. Mobile banking appsled the momentum withover 6.2 billion transactions, growing by52%, whileinternet banking portalsprocessed297 million transactions, up33% year-on-year.E-money wallets, though smaller in base, saw the fastest acceleration—doubling in both transaction volume and valueduring the year—reflecting strong consumer trust in Electronic Money Institutions (EMIs) as enablers of inclusion and financial access. In e-commerce, the trend toward digitalization became even clearer, with93% of all online transactionsconducted throughaccount and wallet-based payment channels. This shift highlights Pakistan’s growing preference for secure, convenient, and traceable digital payment options over traditional card-based or cash-on-delivery methods. TheRaast instant payment platformremained a key catalyst in driving digital transformation. It recordedover a twofold increasein both transaction count and value, establishing itself as the backbone of Pakistan’s digital payments ecosystem. The rollout ofRaast Person-to-Merchant (P2M)services marked a major milestone in promoting financial inclusion, enabling faster settlements, reducing transaction costs, and creating a transparent digital payment trail. Meanwhile, thePoint-of-Sale (POS)network expanded to195,849 terminalsacross159,284 merchant locations, facilitating nearlyone million daily card payments, up from 0.7 million last year. TheATM networkalso grew7% to 20,341 machines, each handling an average of140 transactions daily. To further strengthen the payments infrastructure, SBP upgraded itsReal-Time Gross Settlement (RTGS)system toPRISM+, enhancing efficiency, transparency, and security for both retail and large-value transactions. The upgraded platform posted double-digit growth in transaction value, driven primarily by government securities settlements and interbank transfers. Reiterating its vision, theState Bank of Pakistanaffirmed its commitment to nurturingsecure, efficient, and inclusive payment systems, ensuring that the country’s financial ecosystem evolves in line with global innovation trends while maintainingpublic trust, resilience, and accessibility.