Retail payments in Pakistan continued their upward trajectory during the fiscal year 2024-25, reaching 9.1 billion transactions valued at Rs 612 trillion, as detailed in the State Bank of Pakistan’s (SBP) Annual Report on Payment Systems. This marks a 38 percent increase in transaction volume and a 12 percent increase in total value compared to the previous fiscal year, underlining the rapid expansion of the country’s digital payment landscape. Digital channels played a dominant role, accounting for 88 percent of all retail transactions, up from 85 percent in FY24, highlighting a growing consumer preference for mobile and internet-based platforms.
Mobile banking applications emerged as the leading driver of this surge, processing over 6.2 billion transactions during the year, representing a 52 percent growth from FY24. Internet banking also saw robust expansion, with 297 million transactions recorded, a 33 percent increase from the previous year. E-money wallet applications, though holding a smaller share in overall transactions, demonstrated the fastest growth rate, doubling both in volume and value. This sharp increase points to rising confidence among consumers in electronic money institutions (EMIs) and their growing role in promoting financial inclusion and accessibility across Pakistan’s diverse population.
The SBP attributed this performance to a combination of improved infrastructure, broader digital access, and policy measures supporting innovation in the payment ecosystem. A central contributor to this transformation was Raast, Pakistan’s instant payment platform, which recorded more than a twofold rise in both transaction count and value during the year. The introduction of Raast Person-to-Merchant (P2M) services was particularly significant, expanding digital inclusivity and providing merchants and consumers with low-cost, real-time payment capabilities. By facilitating a transparent digital trail, Raast P2M aims to enhance access to formal financial services while reducing dependence on traditional cash-based systems.
The payment ecosystem also saw substantial growth in supporting infrastructure. The point-of-sale (POS) network reached 195,849 terminals installed at 159,284 merchant locations nationwide, allowing nearly one million daily card payments compared to 0.7 million the previous year. The e-commerce sector continued to favor account and wallet-based payments, which represented 93 percent of total online transactions. Meanwhile, Pakistan’s ATM network expanded by over 7 percent to 20,341 machines, each handling an average of 140 transactions per day, reflecting continued demand for cash withdrawals alongside digital alternatives.
Another major advancement during FY25 was the upgrade of the Real-Time Gross Settlement (RTGS) system to PRISM+, designed to enhance operational efficiency, transparency, and security for both retail and large-value transactions. The upgraded system registered double-digit growth in transaction values, primarily fueled by government securities settlements and interbank transfers. SBP reaffirmed its commitment to ensuring that Pakistan’s payment systems remain secure, efficient, and inclusive, aligning with international best practices while strengthening public confidence. The overall trend captured in the report highlights a decisive shift toward digitalization in Pakistan’s financial landscape, as consumers and businesses alike embrace faster, safer, and more convenient methods of payment supported by a resilient regulatory framework.
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