Pakistan records 84% digital payments in 2024

Digital payments took centre stage in Pakistan’s financial landscape in 2024, capturing a commanding 84% of total retail bank transactions by consumers.

The e-banking attracted more customers due to its efficient and instant payment solutions, and its transactions are growing at a steady pace over the years.

According to State Bank of Pakistan’s (SBP) annual review of the payment system, Pakistan witnessed a notable rise in digital payments.

The increase in trending has raised the digital payments to 84pc that were earlier 76 per cent, the SBP review said.

The use of digital transactions by the people of Pakistan shows the trend that they are now opting to deviate from the conventional mode of payments.

Earlier on September 27, last year, the State Bank of Pakistan (SBP) revealed that digital transactions continued its growth trajectory owing to the increased consumers’ preference for digital channels of mobile and internet banking for meeting their financial needs.

Annual Payment Systems Review for the fiscal year 2022-23 was released by the State Bank of Pakistan (SBP).

The review presents growth and trends in banking transactions accompanied by the usage of payment systems’ infrastructure and instruments in the country.

Overall, mobile and internet banking transactions witnessed an annual growth of 57% by volume and 81% by value. Further, e-banking transactions through Banks and Microfinance Banks (MFBs) grew by 29% while value increased by 21% during the year.

A similar growth pattern was also observed in Branchless Banking (BBs) transactions with number of transactions increasing by 28% and value by 45% during FY23.