Pakistan Digital Payments FY25 Sees 38% Surge as Mobile Transactions Reach 6.2B

The State Bank of Pakistan (SBP) has released its Annual Payment Systems Review for FY2024–25, revealing unprecedented growth in Pakistan digital payments FY25 and a rapidly evolving financial landscape driven by technology, regulation, and consumer adoption.

According to the report, Pakistan’s retail payments surged to 9.1 billion transactions worth PKR 612 trillion, marking a 38% increase in volume and 12% growth in value year-on-year (YoY). The SBP attributes this acceleration to proactive regulatory support, expansion of digital infrastructure, and growing public confidence in mobile and internet-based platforms.

Digital Channels Dominate Retail Transactions

In a milestone achievement, digital channels accounted for 88% of all retail transactions, a sharp rise from 78% in FY23 and 85% in FY24. This reflects a continuing behavioral shift among consumers toward contactless and mobile-first financial interactions.

Mobile banking apps remained the dominant channel, facilitating over 6.2 billion transactions, representing a 52% increase compared to last year. Meanwhile, internet banking portals processed 297 million transactions, growing 33% YoY.

One of the most notable findings of the report is the explosive rise of e-money wallets, which doubled both in transaction volume and value. Despite still representing a smaller market segment, this growth trajectory underscores rising consumer trust in Electronic Money Institutions (EMIs) as gateways for financial inclusion and digital access, particularly among unbanked populations.

Raast Becomes Cornerstone of Pakistan’s Digital Payments

The Raast instant payment system, launched by the SBP to enable fast, low-cost, and secure transfers, recorded more than a twofold increase in both transaction count and value in FY25. The launch of Raast Person-to-Merchant (P2M) services marks a critical milestone in Pakistan’s shift towards a cash-light economy, allowing small businesses and consumers to transact instantly without dependence on costly infrastructure.

According to the SBP, Raast’s expansion has begun to “advance digital inclusivity, enhance transparency, and strengthen trust in the formal financial system”, aligning Pakistan’s payments infrastructure more closely with global best practices.

Card Payments and POS Network Show Strong Growth

Physical card-based payments also saw steady gains. The Point-of-Sale (POS) network expanded to 195,849 terminals across 159,284 merchant locations, facilitating nearly one million daily card transactions, up from 0.7 million the previous year.

Meanwhile, e-commerce transactions continued to lean heavily on account and wallet-based payments, which accounted for 93% of all online purchases, signaling a shift away from traditional card reliance in favor of direct digital channels.

The ATM network also recorded moderate expansion, up 7% to 20,341 machines nationwide, each processing an average of 140 daily transactions, reflecting consistent usage alongside growing digital alternatives.

PRISM+ and Institutional Efficiency

At the wholesale level, the SBP upgraded its Real-Time Gross Settlement (RTGS) platform to PRISM+, enhancing the speed, transparency, and security of both large-value and retail payments. The upgraded system logged double-digit growth in transaction value, driven primarily by government securities settlements and interbank fund transfers.

The upgrade is part of a broader SBP strategy to modernize Pakistan’s core financial infrastructure, ensuring that both private and government sectors can process payments with greater efficiency and resilience.

Commitment to a Secure and Inclusive Digital Future

Reaffirming its stance, the SBP said it remains committed to “fostering secure, efficient, and inclusive payment systems”, ensuring that Pakistan’s financial architecture continues to evolve in line with international standards. The central bank emphasized that the digital transition not only enhances convenience but also builds public trust, promotes transparency, and improves access to financial services across all segments of society.

Industry experts note that Pakistan’s digital transformation has reached a “critical momentum point”, where continued policy consistency and investment in cybersecurity will be key to sustaining growth.

The report positions Pakistan as a regional leader in digital payments adoption, with Raast and mobile banking serving as the foundation for a more inclusive, cashless economy.

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