Karachi, Pakistan: The State Bank of Pakistan (SBP) has released its Annual Report on Payment Systems for the Fiscal Year 2024–25, revealing a year of remarkable digital growth and transformation across the country’s payments landscape. The report underscores how regulatory reforms, robust digital infrastructure, and rising consumer confidence continue to accelerate the shift toward a cashless economy.
According to the report, retail payments reached 9.1 billion transactions valued at PKR 612 trillion, marking a 38% increase in volume and 12% growth in value compared to the previous year. The majority of this growth came from digital channels, which now account for 88% of all retail transactions, up from 78% in FY23 and 85% in FY24.
Mobile banking apps led the momentum with over 6.2 billion transactions, growing by 52%, while internet banking portals processed 297 million transactions, up 33% year-on-year. E-money wallets, though smaller in base, saw the fastest acceleration—doubling in both transaction volume and value during the year—reflecting strong consumer trust in Electronic Money Institutions (EMIs) as enablers of inclusion and financial access.
In e-commerce, the trend toward digitalization became even clearer, with 93% of all online transactions conducted through account and wallet-based payment channels. This shift highlights Pakistan’s growing preference for secure, convenient, and traceable digital payment options over traditional card-based or cash-on-delivery methods.
The Raast instant payment platform remained a key catalyst in driving digital transformation. It recorded over a twofold increase in both transaction count and value, establishing itself as the backbone of Pakistan’s digital payments ecosystem. The rollout of Raast Person-to-Merchant (P2M) services marked a major milestone in promoting financial inclusion, enabling faster settlements, reducing transaction costs, and creating a transparent digital payment trail.
Meanwhile, the Point-of-Sale (POS) network expanded to 195,849 terminals across 159,284 merchant locations, facilitating nearly one million daily card payments, up from 0.7 million last year. The ATM network also grew 7% to 20,341 machines, each handling an average of 140 transactions daily.
To further strengthen the payments infrastructure, SBP upgraded its Real-Time Gross Settlement (RTGS) system to PRISM+, enhancing efficiency, transparency, and security for both retail and large-value transactions. The upgraded platform posted double-digit growth in transaction value, driven primarily by government securities settlements and interbank transfers.
Reiterating its vision, the State Bank of Pakistan affirmed its commitment to nurturing secure, efficient, and inclusive payment systems, ensuring that the country’s financial ecosystem evolves in line with global innovation trends while maintaining public trust, resilience, and accessibility.
