Digital transactions in Pakistan have continued their upward momentum, with the third quarter of fiscal year 2024–25 (Q3 FY25) witnessing a record-breaking 2 billion digital payment transactions. According to the State Bank of Pakistan’s (SBP) latest Quarterly Payment Systems Review released this week, digital payments now constitute 89 percent of total retail transaction volumes in the country.
The report reflects a rapidly evolving financial landscape in which digital platforms are driving the majority of transaction activity. Retail payment volumes grew by 12 percent, reaching 2,408 million transactions, while the overall transaction value rose by 8 percent to touch Rs 164 trillion during the quarter.
In contrast, Over-the-Counter (OTC) payment channels—including traditional bank branches and branchless banking agents—processed 267 million transactions, amounting to just 11 percent of total retail transactions. However, in terms of value, OTC channels still dominate, handling Rs 117 trillion, or 71 percent of retail transaction value, while digital channels accounted for Rs 48 trillion, representing 29 percent.
Mobile-based platforms remain the primary driver behind digital growth. Collectively, mobile banking apps, branchless banking (BB) wallets, and e-money wallets processed 1,686 million transactions worth Rs 27 trillion. This marks a 16 percent growth in volume and a 22 percent increase in value compared to the previous quarter, highlighting a growing reliance on mobile solutions for day-to-day financial activities.
The number of users of digital financial services also expanded. Mobile banking app users climbed to 22.6 million, reflecting a 7 percent increase, while branchless banking wallet users rose by 6 percent to reach 68.5 million. Users of e-money wallets experienced a notable 12 percent rise, hitting 5.3 million during the quarter. Internet banking saw similar traction, with its user base growing by 7 percent to 14.1 million.
E-commerce also demonstrated significant growth, with digital transactions in this segment increasing by 40 percent in volume and 34 percent in value. A total of 213 million transactions worth Rs 258 billion were processed through online channels. Digital wallets were the most dominant payment method, contributing 94 percent of the transaction volume. Card-based payments accounted for just 6 percent.
For point-of-sale (POS) transactions, 140,861 merchants processed 99 million payments totaling Rs 550 billion, indicating an increase of 12 percent in transaction volume and 8 percent in value. In addition, merchants accepting QR code payments facilitated 21.7 million transactions worth Rs 61 billion.
Key enablers of this digital expansion include SBP-operated payment infrastructures such as Raast and RTGS. Raast, Pakistan’s instant payment system, processed 371 million transactions amounting to Rs 8.5 trillion during the quarter. Since its launch, Raast has handled 1.5 billion transactions valued at over Rs 34 trillion. Meanwhile, RTGS processed 1.5 million large-value transactions worth Rs 347 trillion.
These developments align with the SBP’s broader strategy to advance financial inclusion, enhance transaction efficiency, and support the country’s transition toward a cash-lite economy. As digital platforms continue to penetrate deeper into the financial ecosystem, the combined efforts of banks, fintechs, and service providers remain essential to sustaining this momentum.
Pakistan’s digital payments growth story, underscored by the latest SBP figures, reflects a maturing financial environment increasingly defined by mobile-first usage, real-time infrastructure, and the pursuit of inclusive digital finance.