Digital payment systems continued to expand their footprint in Pakistan’s financial landscape, with mobile-based platforms playing a central role in retail transactions. According to the latest Quarterly Payment Systems Review issued by SBP for the third quarter of FY25, digital channels processed 89 percent of all retail transactions by volume. The total number of transactions during the quarter reached 2,408 million, representing a 12 percent increase from the previous quarter, with the total value hitting Rs. 164 trillion.
Mobile app-based banking remained the driving force behind this growth. Combined transactions through mobile banking apps, branchless banking wallets, and e-money wallets reached 1,686 million, a 16 percent increase in volume and 22 percent increase in value, totaling Rs. 27 trillion. This segment continues to gain traction due to growing smartphone penetration, enhanced user interfaces, and faster onboarding by banks and fintech firms.
The number of users engaging with digital banking platforms also continued to rise. Mobile banking app users climbed to 22.6 million, up by 7 percent. Similarly, e-money wallet users grew to 5.3 million, marking a 12 percent increase, while branchless banking wallet users reached 68.5 million, reflecting a 6 percent rise. Internet banking also showed consistent adoption, with the user base expanding to 14.1 million, up 7 percent from the previous quarter.
E-commerce activity showed particularly strong performance, with transaction volumes increasing by 40 percent to reach 213 million. The total value of these transactions was recorded at PKR 258 billion, up 34 percent. Digital wallets remained the dominant payment method for e-commerce, accounting for 94 percent of transactions by value, amounting to 199.1 million transactions. In contrast, card-based online transactions represented only 6 percent of the total volume, or 13.5 million transactions.
For in-store purchases, a growing number of merchants utilized digital tools to facilitate transactions. A total of 140,861 merchants processed 99 million transactions using point-of-sale terminals, which marked a 12 percent increase. The total value of these transactions reached Rs. 550 billion, reflecting an 8 percent increase. QR code-based merchant payments also expanded, with 21.7 million transactions processed, amounting to Rs. 61 billion.
SBP’s digital infrastructure continued to support the acceleration of this shift. Raast, the instant payment system, handled 371 million transactions worth Rs. 8.5 trillion during the quarter. Since its inception, Raast has now processed over 1.5 billion transactions totaling Rs. 34 trillion. The RTGS system, which handles large-value transactions, processed 1.5 million transactions amounting to Rs. 347 trillion during Q3 FY25.
SBP’s proactive policies and strategic focus on digitization are clearly reflected in the consistent performance of payment channels. Supported by collaborative efforts from banks, fintechs, and payment service providers, the country’s transition toward a digital economy continues to progress steadily, enhancing both financial access and operational efficiency across sectors.
