Digital payments have gained significant traction in Pakistan, accounting for a substantial share of retail bank transactions. In 2024, digital payments captured an impressive 84% of total retail bank transactions by consumers, highlighting a notable shift from traditional payment methods.
The State Bank of Pakistan (SBP) annual review of the payment system emphasizes this growing trend toward digital payments across the country. The convenience, efficiency, and immediacy of e-banking solutions have drawn a large number of customers, resulting in a steady rise in digital transactions over the years.
The SBP review indicated that digital transactions saw a remarkable increase in 2024, reaching 84% of total retail bank transactions. This marks a significant jump from the previous year when digital payments represented 76% of transactions.
The increasing preference for digital payments among Pakistani consumers is evident in the surge of transactions conducted through mobile and internet banking channels. These transactions experienced an annual growth of 57% by volume and 81% by value in the fiscal year 2022-23.
Similarly, Branchless Banking (BBs) transactions demonstrated robust growth, with a 28% increase in the number of transactions and a 45% rise in value during the same period.
The SBP’s annual review highlights the positive impact of digital payments on Pakistan’s financial landscape. By promoting financial inclusion and decreasing reliance on cash transactions, digital payments contribute to a more efficient and transparent economy.
