• Digital payments dominated Pakistan’s financial sector in 2024.
• The State Bank of Pakistan’s annual payment system review shows steady growth in digital transactions from 76% to 84%.
• Mobile and internet banking saw a 57% rise in transaction volume and 81% increase in transaction value.

Digital payments dominated Pakistan’s financial sector in 2024, now comprising 84% of total retail bank transactions. This surge reflects a growing preference among consumers for e-banking, driven by its efficiency and instant payment capabilities.

According to the State Bank of Pakistan’s (SBP) annual payment system review, the country has seen steady growth in digital transactions over recent years.

The review highlights that digital payments have increased from 76% to 84%, underscoring a shift away from traditional payment methods. Released in the SBP’s Annual Payment Systems Review for FY 2022-23, the report outlines trends in banking transactions, payment system infrastructure, and various digital instruments.

Mobile and Internet banking saw substantial growth, with a 57% rise in transaction volume and an 81% increase in transaction value. E-banking transactions through both Banks and Microfinance Banks (MFBs) also grew by 29% in volume and 21% in value. Additionally, branchless banking transactions followed a similar trend, rising by 28% in transaction volume and 45% in value.

This rapid adoption of digital payment options signals a significant shift in Pakistan’s banking landscape, as more consumers embrace the convenience of digital channels for their financial needs.

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