KARACHI — The State Bank of Pakistan (SBP) has released its Annual Report on Payment Systems, offering a detailed analysis of the current payment ecosystem, emerging trends, and key developments in the sector during Fiscal Year 2024-25.
The report reveals significant growth in Pakistan’s payments landscape, driven by regulatory initiatives, the expansion of digital infrastructure, and increased consumer adoption of mobile and internet-based platforms. Retail payments reached 9.1 billion transactions worth PKR 612 trillion, marking a 38% increase in volume and a 12% increase in value on a year-on-year (YoY) basis.
Digital channels continued to gain momentum, with digital transactions accounting for 88% of all retail payments, up from 78% in FY23 and 85% in FY24. Mobile banking apps led with over 6.2 billion transactions, growing 52% YoY, while internet banking portals processed 297 million transactions, up 33% from the previous year. E-money wallet apps, although smaller in share, exhibited the fastest growth, with both transaction volume and value doubling during the year.
The report also highlights the strengthening of underlying payment infrastructure. Raast, Pakistan’s instant payment platform, saw a more than twofold increase in both transaction count and value. This growth is seen as a significant step toward enhancing digital inclusivity, reducing infrastructure reliance, and improving settlement speed. The point-of-sale network expanded to 195,849 terminals across 159,284 merchant locations, with nearly one million daily card payments, compared to 0.7 million in the previous fiscal year.
E-commerce payments leaned heavily toward account and wallet-based channels, representing 93% of online transactions. The ATM network grew by more than 7%, reaching 20,341 machines, each processing an average of 140 transactions daily.
SBP also upgraded the Real-Time Gross Settlement (RTGS) system to PRISM+ to enhance the efficiency, transparency, and security of retail and large-value payments. The RTGS system registered double-digit growth in transaction value, driven by government securities settlements and interbank transfers.
SBP reaffirmed its commitment to fostering secure, efficient, and inclusive payment systems, ensuring that Pakistan’s financial infrastructure evolves in line with global innovations while maintaining public trust and resilience.
