LAHORE: The State Bank of Pakistan (SBP) has released its Payment Systems Quarterly Review for Q2 FY25, revealing a significant rise in retail payments. Transactions grew by 11% in volume and 12% in value, reaching Rs154 trillion, driven by increased adoption of digital payment channels.
Digital payments accounted for 88% of all retail transactions by volume, highlighting Pakistan’s shift towards a cashless economy. Mobile banking apps led the charge, processing 1.45 billion transactions worth Rs24 trillion, while internet banking portals saw a 7% increase in users, facilitating Rs9.7 trillion in transactions.
The report also noted growth in Raast instant payments, with P2P transactions soaring to 294 million (+50%) and merchant payments gaining traction. E-commerce transactions surged by 30%, reflecting changing consumer preferences.
