Karachi, June 25, 2025 — The State Bank of Pakistan (SBP) has reported a remarkable transformation in Pakistan’s digital payments ecosystem, highlighting robust growth in transaction volumes and user adoption during the third quarter of FY2024–25.
In its Quarterly Payment Systems Review released on Wednesday, the SBP detailed significant progress in digitalization, underscoring the country’s ongoing shift toward a cashless economy.
According to the report, digital transactions continued their upward momentum in Q3-FY25, with total retail payment volumes reaching 2,408 million, a 12% increase compared to the previous quarter. The value of these transactions also rose by 8%, hitting an impressive PKR 164 trillion. Notably, 89% of all retail payments were conducted via digital channels.
Mobile banking platforms, branchless banking (BB) wallets, and e-money wallets collectively processed 1,686 million transactions, amounting to PKR 27 trillion. This marks a 16% increase in transaction volume and a 22% surge in value—demonstrating how mobile-based digital solutions are transforming everyday financial interactions.
User adoption has also seen substantial growth. The number of mobile banking app users climbed to 22.6 million (up 7%), while BB and e-money wallet users reached 68.5 million (up 6%) and 5.3 million (up 12%), respectively. Internet banking users rose to 14.1 million, reflecting increased trust and reliance on digital services for banking needs.
E-commerce transactions witnessed an impressive 40% growth in volume, totaling 213 million payments, with a 34% increase in value to PKR 258 billion. Digital wallets remained the dominant channel, accounting for 94% of all e-commerce transactions by volume. Card-based online payments lagged behind at just 6%.
Retail payments at physical outlets also saw strong uptake. A network of 140,861 merchants processed 99 million transactions worth PKR 550 billion using 179,383 point-of-sale terminals. Additionally, 21.7 million QR code-based transactions were processed, totaling PKR 61 billion.
SBP’s own platforms, Raast and RTGS, played a pivotal role in this digital transformation. Raast handled 371 million instant transactions worth PKR 8.5 trillion, while RTGS processed 1.5 million high-value payments amounting to PKR 347 trillion.
Backed by SBP’s strategic initiatives and collaboration with banks, fintechs, and service providers, the shift toward a digital economy continues to accelerate. SBP remains committed to enhancing financial inclusion and strengthening the nation’s digital payment infrastructure.