SBP has released its annual report, highlighting the significant growth in Pakistan’s digital payment ecosystem during the Fiscal Year 2023-24.
The report showcases a remarkable transformation, with retail payments increasing by 35% in both volume and value. Digital payments now account for 84% of all transactions, up from 76% in the previous year.
Key factors driving this growth include increased adoption of mobile banking, internet banking, and mobile wallets. Mobile app banking users saw a 16% increase, while internet banking users grew by 25%. Branchless Banking (BB) mobile app wallet users increased by 2%, and e-wallet users by an impressive 85%.
Digital payments made through mobile banking apps and internet banking portals saw a 62% increase in transactions and a 74% increase in value. Mobile app-based wallets also experienced substantial growth, with customers making millions of payments through BB mobile app wallets and e-wallets.
The expansion of the POS machine network and the shift towards digital payments for e-commerce further contributed to the growth. A total of 309 million e-commerce payments were made during FY24, with a transaction value reaching Rs. 406 billion.
The SBP’s report underscores Pakistan’s progress in digitalizing its payment landscape, benefiting both consumers and businesses.
