Pakistan’s Retail Payments Surge 38% to 9.1 Billion Transactions Worth PKR 612 Trillion: SBP Annual Report FY 2024–25

Karachi, Pakistan:The State Bank of Pakistan(SBP) has released itsAnnual Report on Payment Systemsfor the Fiscal Year 2024–25, providing an in-depth analysis of the nation’s rapidly evolving payment ecosystem. The report highlights significant progress in digital adoption, infrastructure expansion, and regulatory initiatives that continue to transform Pakistan’s financial landscape. According to the report,retail payments surged to 9.1 billion transactions valued at PKR 612 trillion, marking a38% increase in volumeand12% increase in valueyear-on-year. This remarkable growth underscores the accelerated shift toward digital channels, driven by greater consumer confidence and expanding access to mobile and internet-based platforms. Digital transactions dominated the retail payment space, accounting for88% of all transactions, compared to 78% in FY23 and 85% in FY24.Mobile banking appsled this transformation, processingover 6.2 billion transactions—a52% risefrom the previous year.Internet banking portalsfollowed with297 million transactions, up33% year-on-year, whilee-money walletswitnessed the fastest growth trajectory, doubling both in transaction volume and value. This sharp increase reflects growing public trust in Electronic Money Institutions (EMIs) as key enablers of financial inclusion and digital adoption. The continued success of theRaast instant payment platformfurther strengthened Pakistan’s digital payments infrastructure. Raast recordeda more than twofold increase in both transaction volume and value, cementing its position as a cornerstone of the country’s digital ecosystem. The rollout ofRaast Person-to-Merchant (P2M)services marked a milestone toward advancing digital inclusivity by promoting faster settlements, reducing infrastructure costs, and fostering a transparent digital payment trail. In parallel, thePoint-of-Sale (POS) networkexpanded to195,849 terminalsacross159,284 merchant locations, supportingnearly one million daily card payments—up from 0.7 million in the previous fiscal year.E-commerce paymentsalso demonstrated a clear shift towardaccount and wallet-based channels, now representing93% of all online transactions. Meanwhile, theATM networkgrew7% to 20,341 machines, each handling an average of140 transactions per day. To further enhance system resilience, SBP upgraded itsReal-Time Gross Settlement (RTGS)platform toPRISM+, designed to improve efficiency, transparency, and security for both retail and large-value payments. The PRISM+ system reported double-digit growth in transaction value, largely driven by government securities settlements and interbank transfers. Reaffirming its commitment, the State Bank of Pakistan stated that it remains dedicated to fosteringsecure, efficient, and inclusive payment systems, ensuring that the country’s financial infrastructure evolves in step with global innovations while maintainingpublic trust, resilience, and accessibility. For details: https://www.sbp.org.pk/PS/PDF/Annual-Payment-Systems-Review-FY25.pdf