The State Bank of Pakistan’s (SBP) latest Annual Report on Payment Systems for Fiscal Year 2024-25 revealed today a dramatic shift in the nation”s financial habits, with digital channels now constituting 88 of all retail transactions and the use of e-money wallets doubling in both volume and value.
According to the central bank’s review, the country’s payments ecosystem experienced swift expansion, driven by regulatory initiatives and widespread consumer adoption of digital platforms. Overall retail payments recorded robust growth, reaching 9.1 billion transactions with a cumulative value of PKR 612 trillion. This represents a 38 percent increase in volume and a 12 percent rise in value year-over-year.
Mobile banking applications spearheaded this digital momentum, processing over 6.2 billion payments, a 52 percent surge from the previous year. Internet banking portals also saw a significant uptick, handling 297 million transactions, which is a 33 percent climb. The report notes that e-money wallet apps, despite a smaller overall share, demonstrated the fastest growth trajectory.
This transformation was underpinned by a significant strengthening of the financial infrastructure. Raast, the nation”s instant payment platform, recorded more than a twofold increase in both transaction count and value, cementing its role as a cornerstone of the digital ecosystem. The large-value RTGS system was also upgraded to PRISM+ to enhance efficiency and security.
The infrastructure supporting in-person and online commerce also expanded. The point-of-sale (POS) network grew to 195,849 terminals, facilitating nearly one million daily card payments, up from 0.7 million in the last fiscal year. Concurrently, the ATM network increased by over 7 percent to 20,341 machines nationwide.
E-commerce payments showed a continued preference for account and wallet-based channels, which now represent 93 percent of all online transactions. The report also highlights that Person-to-Merchant (P2M) services have begun a transformative journey toward improving digital inclusivity and reducing reliance on costly infrastructure.
The State Bank reaffirmed its commitment to fostering secure and efficient payment systems, ensuring the country’s financial infrastructure evolves in line with global innovations while maintaining public trust.