Pakistan’s digital payments are surging, reaching 83% of all retail transactions in the third quarter (Jan-Mar) of FY2023-24, according to the State Bank of Pakistan’s report. Banks and Electronic Money Institutions processed 844 million digital transactions worth a staggering Rs. 128,470 billion.
Mobile banking is the king, with a user base growing 8% to 59 million for BB mobile apps, 17 million for mobile banking apps, and 11 million for internet banking. Transactions via mobile phone banking jumped 8% to 301 million, while internet banking transactions grew 3%.
A network of 18,049 bank branches, 18,655 ATMs, 120,641 POS terminals, and over 648,000 BB agents facilitates these transactions. Pakistan’s instant payment system, Raast, is also booming, processing 140 million transactions worth Rs. 3,437 billion in Q3, a significant increase from the previous quarter.
The report confirms Pakistan’s digital payments ecosystem is thriving, driven by a growing user base and a robust infrastructure. With mobile banking leading the way and innovative solutions like Raast gaining traction, the future of digital payments in Pakistan looks promising.
