Digital Payments Soar in Pakistan: 84% of Transactions Now Online

Pakistan has witnessed a significant shift towards digital payments, with a remarkable 84% of retail bank transactions now taking place online. This surge in digital adoption has been driven by the efficiency and convenience of e-banking solutions.

Key Highlights:

• Digital Payment Growth: Mobile and internet banking transactions grew by 57% in volume and 81% in value.
• E-Banking Expansion: E-banking transactions through banks and microfinance banks increased by 29% in volume and 21% in value.
• Branchless Banking Boom: Branchless banking transactions rose by 28% in number and 45% in value.

State Bank of Pakistan’s Annual Review Reveals:

The SBP’s annual payment systems review for FY2022-23 highlights the sustained growth of digital transactions in Pakistan. The report underscores the increasing preference for digital channels over traditional payment methods.

Pakistan’s Digital Payment Ecosystem:

The growth of digital payments in Pakistan is expected to continue, driven by:

• Convenience: Instant payment solutions and 24/7 accessibility.
• Security: Enhanced security features and reduced risk of fraud.
• Financial Inclusion: Increased access to financial services for underserved populations.