Latest Annual Payment Systems Review (PSR) FY24 by the State Bank of Pakistan reveals a significant increase in e-commerce volumes, reaching 39.9 million transactions, up 25.5% from the previous year. However, this figure remains below the peak of 45.5 million transactions recorded in FY22.
While the total transaction value increased by 36.8% to Rs194.4 billion due to inflation, card-based payments only accounted for a portion of this growth. The PSR data indicates that fund transfers through accounts and digital wallets accounted for a substantial 87.1% of e-commerce transactions, totaling 269 million transactions worth Rs211.6 billion.
The report suggests that mobile banking transactions, which were not captured in the data, likely contributed to a much higher volume and value of e-commerce payments.
The PSR highlights the growing preference for alternative payment methods over cards for online purchases in Pakistan. This trend underscores the need for businesses and payment providers to adapt to evolving consumer preferences and explore innovative payment solutions.
