The State Bank of Pakistan (SBP) has issued its Third Quarterly Payment Systems Review for FY25, showcasing substantial growth in the digital payment ecosystem and the increasing reliance on mobile and internet-based financial services. The report presents a comprehensive snapshot of how Pakistan’s payment landscape is evolving, with digital channels firmly taking the lead in both transaction volume and value.
According to the review, retail digital payments experienced a notable 12% increase in volume, reaching 2,408 million transactions. Simultaneously, the overall transaction value grew by 8%, crossing Rs164 trillion. An encouraging highlight of the report is that 89% of all retail transactions during the quarter were conducted through digital channels, underlining Pakistan’s accelerating shift toward a cashless economy.
Mobile-driven platforms continue to dominate. A combined total of 1,686 million transactions worth Rs27 trillion were processed through mobile banking apps, branchless banking (BB) wallets, and e-money wallets. This marked a 16% increase in transaction volume and a 22% rise in value compared to the previous quarter, reinforcing the growing user confidence in mobile-based financial services.
User adoption across digital banking services also showed consistent upward trends. The number of mobile banking users increased by 7% to reach 22.6 million. E-money wallet users saw a 12% rise to 5.3 million, and BB wallet users expanded to 68.5 million, growing by 6%. Internet banking users climbed to 14.1 million, registering a 7% increase.
E-commerce payments witnessed one of the sharpest growth curves in this quarter, with transaction volume surging by 40% to reach 213 million. The value of e-commerce payments followed with a 34% rise, amounting to Rs258 billion. The overwhelming majority of this activity was driven by digital wallets, which accounted for 94% (199.1 million) of total e-commerce transactions by value, while traditional card-based online payments lagged behind at only 6% (13.5 million).
In brick-and-mortar retail environments, 140,861 merchants processed 99 million POS transactions—up 12%—through 179,383 point-of-sale terminals. These transactions were valued at Rs550 billion, up 8% from the previous quarter. Meanwhile, QR code-based payments continued to gain momentum, with 21.7 million transactions amounting to Rs61 billion processed by QR-enabled merchants.
SBP’s flagship digital payment systems also played a central role in this progress. Raast, Pakistan’s instant payment system, processed 371 million transactions valued at Rs8.5 trillion in the third quarter alone. Since its inception, Raast has handled a total of 1.5 billion transactions, with an aggregated value exceeding Rs34 trillion. On the large-value payment front, SBP’s Real-Time Gross Settlement (RTGS) system processed 1.5 million transactions amounting to Rs347 trillion, reinforcing its role in high-value financial infrastructure.
The review emphasizes that the country’s shift toward a more integrated digital economy is being driven not only by technological innovation but also by collaborative efforts between regulators, banks, fintech companies, and payment service providers. SBP’s proactive approach continues to foster financial inclusion and aims to build a more efficient and accessible payment system for all economic sectors.
As the digital momentum builds, SBP’s commitment to advancing Pakistan’s financial infrastructure remains clear. The Quarterly Review underscores the importance of inclusive innovation in transforming payment habits and establishing a resilient, tech-enabled economic environment.