The State Bank of Pakistan (SBP) has reported a 35% growth in digital payments in the country during FY24, according to the Annual Payment Systems Review released on Friday.
The total volume of digital transactions rose from Rs4.7 billion in FY23 to Rs 6.4 billion in FY24. The value of these transactions also grew significantly, reaching Rs 547 trillion, up from Rs 403 trillion in the previous year.
“The share of digital payments by volume has surged from 76% in FY23 to 84% in FY24,” SBP noted in the report, highlighting a growing shift towards digital financial services across the country.
This increase is largely driven by the wider adoption of mobile banking apps, internet banking, and e-wallets. Mobile banking apps and internet banking, in particular, saw a 62% increase in transactions, with the total value of these transactions rising by 74% to PKR 70 trillion. SBP attributes this expansion to the growing number of users, with mobile app users increasing by 16%, internet banking users by 25%, and e-wallet users by a remarkable 85%.
The report also highlights the role of expanding payment infrastructure, particularly the 8.9% growth in Point of Sale (POS) machines, which reached 125,593 units across the country. E-commerce payments have also surged, with 87% of transactions now initiated through bank accounts or digital wallets, amounting to PKR 406 billion.
SBP emphasized the resilience and strength of Pakistan’s payment system, stating, “Pakistan is positioning itself as a leader in digital financial services within the region.”
The report reflects SBP’s commitment to innovation and continued development of the digital payments ecosystem to foster financial inclusion.
