LAHORE: Pakistan’s credit card ATM transactions just recorded the largest-ever quarterly increase. The number of circulating credit cards jumped by an astonishing 900,000 in merely three months. According to Gallup Pakistan’s Digital Analytics Dashboard, which relies on State Bank of Pakistan (SBP) data, the market is expanding at an unprecedented rate.
Total credit cards surged from 2.2 million in FY25 to 3.13 million during Q1 FY26 (July-September 2025). This massive addition represents a 44.0% year-over-year increase. Consequently, this single three-month spike eclipses the net growth seen over the entire previous six years. During that previous six-year timeframe, the credit card base only rose from 1.6 million to 2.2 million.
A Sudden Spike in Credit Card Usage & ATM Transactions
Alongside the rapid issuance of cards, usage also skyrocketed. SBP data highlights that the value of credit card transactions at ATMs increased nearly sixfold during the exact same quarter.
Despite this record-breaking jump, the financial sector remains silent. No major bank, financial institution, or fintech company publicly announced a large-scale credit card issuance campaign during this period. Furthermore, the SBP has not provided any official explanation for this anomaly.
Industry observers suggest a few possibilities for the sudden surge. The increase might connect to an unannounced major card issuance. Alternatively, regulators may have reclassified certain existing card products. Financial institutions might have also launched new credit-based payment products beneath the radar.
The Broader Payment Landscape
Despite the remarkable 44.0% growth in credit cards, debit cards still dominate Pakistan’s financial ecosystem. Debit cards currently account for roughly 90% of the country’s 61.3 million payment cards.
Recent dashboard figures confirm this overwhelming majority. Pakistan currently holds 57.20 million active debit cards, marking an 11.7% year-over-year growth. Meanwhile, the overall share for credit cards sits at just about 4%. Additionally, the country circulates 7.72 million social welfare cards and 0.20 million pre-paid cards, which grew by 90.1% and 121.2% year-over-year, respectively.
Card Type Total Circulation Year-over-Year (YoY) Growth
Debit Cards 57.20 Million +11.7%
Social Welfare Cards 7.72 Million +90.1%
Credit Cards 3.13 Million +44.0%
Pre-Paid Cards 0.20 Million +121.2%
