KARACHI, March 28 (EPI):\u00a0The State Bank of Pakistan (SBP) has released its Quarterly Payment Systems Review for Q2 FY25, providing summary on payment systems and presenting notable changes in country\u2019s digital payments.<\/p>\n
Pakistan’s digital payment landscape strengthens as transactions continue to increase in Q2-FY25 as well. Retail transactions witnessed an 11% increase in volume, reaching 2,143 million, while the value of transactions increased by 12% to PKR 154 trillion.<\/p>\n
The growth in value was primarily driven by, mobile banking app payments, and internet banking payments, and over-the-counter (OTC) transactions at bank branches.<\/p>\n
Digital payment channels processed 88% of all retail transactions by volume, with mobile app-based banking playing a crucial role.<\/p>\n
These platforms which includes mobile banking apps, branchless banking (BB) wallets, and e-Money wallets, collectively processed 1,450 million transactions worth PKR 24 trillion, marking a 12% increase in volume and 28% increase in value.<\/p>\n
The number of users leveraging digital banking services also saw a steady rise. Mobile banking app users grew to 21 million (\u21917%), e-Money and BB wallet users increased to 4.7 million (\u219113%) and 64.3 million (\u21917%) respectively, while internet banking users reached 13.3 million (\u21917%).<\/p>\n
Merchant payments through digital means also expanded this quarter. Digital e-commerce transactions increased by 30% in volume to 152 million, amounting PKR 193 billion (\u219132%). By volume, 8% (12.8 Mn) of the e-commerce transactions were made through cards, 92% (139.5 Mn) through digital wallets\/accounts, while by value, this share was 33% and 67% respectively.<\/p>\n
The 115,177 Point-of-Sale (POS) enabled merchants with 151,646 POS terminals facilitated 89 million (\u21917%) in-store purchases, totaling to PKR 510 billion (\u219119%). Retail\/Kiryana store merchants accepting payments through QR or BB wallets reached to 22.1 million in volume and PKR 58 billion in value, a growth of 4% and 9% respectively.<\/p>\n
SBP operated payment systems, Raast (Instant Payment System) and RTGS (Real-time Gross Settlement System) played its key role in increasing the digitalization of payments in the country.<\/p>\n
Raast Instant Payment System processed 296 million transactions worth PKR 6.4 trillion during Q2-FY25, bringing cumulative transactions since inception to 1,144 million, valued at PKR 26 trillion.<\/p>\n
The large-value transactions via RTGS system settled transactions worth of PKR 330 trillion, registering a 19% increase in value.<\/p>\n
Pakistan\u2019s transition towards a digital economy is being driven by SBP\u2019s strategic initiatives and the collaborative efforts of banks, fintechs, and payment service providers.<\/p>\n
As digital payments continue to grow, SBP remains committed to fostering financial inclusion and enhancing payment efficiency for individuals and businesses alike.<\/p>\n","protected":false},"excerpt":{"rendered":"