The State Bank of Pakistan (SBP) has reported another quarter of strong growth in digital payments across the country, reflecting the accelerating shift toward a tech-driven financial landscape. According to the latest Quarterly Payment Systems Review for Q3 FY25, Pakistan’s digital transaction infrastructure continues to expand rapidly in both volume and value, with mobile and e-commerce channels driving the momentum.
Retail payment volumes grew by 12% during the quarter, reaching 2,408 million transactions. The total value of these transactions climbed to Rs164 trillion, showing an 8% increase from the previous quarter. Impressively, 89% of all retail payments were processed through digital platforms, highlighting widespread user adoption and institutional support for digital financial services.
Mobile-based channels such as mobile banking apps, branchless banking (BB) wallets, and e-money wallets handled 1,686 million transactions worth Rs27 trillion. These figures represent a 16% increase in transaction volume and a 22% increase in transaction value compared to the previous quarter, underscoring mobile platforms’ pivotal role in Pakistan’s evolving payment ecosystem.
E-commerce payment activity saw a notable boost, surging by 40% in transaction volume to 213 million and rising by 34% in value to Rs258 billion. Digital wallets dominated this segment, accounting for 94% (199.1 million) of all e-commerce payments by value, whereas card-based online transactions made up only 6% (13.5 million). This demonstrates a clear consumer preference for mobile-first financial solutions over traditional card infrastructure.
In physical retail settings, the adoption of digital in-store payments also gained ground. A total of 140,861 merchants facilitated 99 million point-of-sale (POS) transactions via 179,383 POS terminals, registering a 12% increase in transaction volume and an 8% rise in value to Rs550 billion. Additionally, QR code-based transactions gained further traction with 21.7 million transactions processed, totaling Rs61 billion.
The adoption of digital banking continues its upward trajectory. The number of registered mobile banking app users climbed to 22.6 million (up 7%), while e-money wallet users rose to 5.3 million (up 12%). Branchless banking wallet users reached 68.5 million, reflecting a 6% increase, and internet banking users grew to 14.1 million, also up 7%.
Central to this expansion are the SBP-managed payment platforms: Raast and the Real-Time Gross Settlement System (RTGS). Raast processed 371 million instant transactions worth Rs8.5 trillion in Q3 FY25 alone, bringing its cumulative performance to 1.5 billion transactions valued at Rs34 trillion since its inception. Meanwhile, the RTGS system facilitated 1.5 million high-value transactions, amounting to Rs347 trillion.
These figures underscore the SBP’s continued commitment to enabling financial inclusion and modernizing the nation’s payment infrastructure. Strategic collaboration between banks, fintechs, and payment service providers has fueled a shift toward a more inclusive and efficient digital economy.
The review reflects how sustained regulatory support, innovation in financial services, and consumer trust in digital platforms are laying the groundwork for a more cashless and accessible economic environment in Pakistan.