Pakistan's digital payment landscape has witnessed extraordinary growth in FY24, with transaction volumes rising from 4.7 billion to 6.4 billion and values increasing from Rs403 trillion to Rs547 trillion, marking a 35% growth in both metrics.
The share of digital payments by volume surged from 76% in FY23 to 84% in FY24, as highlighted in the annual report by the central bank. This significant advancement reflects a growing reliance on digital payment systems across the nation.
Key drivers of this growth include the increasing adoption of mobile banking apps, internet banking portals, and mobile wallets. Mobile app banking users grew by 16%, while internet banking users increased by 25%. Notably, e-wallet users saw an impressive 85% annual growth.
The report underscores the pivotal role of mobile banking and internet banking, which collectively experienced a 62% increase in transactions, amounting to 1,346 million, with a transaction value rising by 74% to Rs70 trillion.
Furthermore, the expansion of the POS machine network, which grew by 8.9% to 125,593 machines, has supported card-based transactions at retail outlets. E-commerce payments also shifted significantly, with 87% now initiated through bank accounts or digital wallets, totaling 309 million payments valued at Rs406 billion.
Overall, the report emphasizes the resilience of Pakistan's payment infrastructure, positioning the country as a leader in digital financial services within the region. The central bank remains committed to fostering innovation and strengthening the digital financial landscape.