The State Bank of Pakistan (SBP) has reported another strong quarter for the country’s digital payments ecosystem, with retail transactions worth Rs. 168.8 trillion processed through formal banking and payment channels between January and March 2026.
According to the SBP’s latest Quarterly Payment Systems Review, 3.7 billion retail payment transactions were recorded during the quarter, up 9 percent from the previous three months. Digital channels accounted for 92 percent of all retail transactions, underscoring the continued shift toward cashless payments.
Digital payment platforms, including mobile banking apps, internet banking, ATMs, point-of-sale (POS) terminals, e-commerce, USSD, and IVR banking, collectively processed 3.4 billion transactions worth Rs. 68 trillion.
Mobile banking apps remained the most widely used digital payment channel. Applications operated by banks, branchless banking providers, and Electronic Money Institutions (EMIs) handled 2.9 billion transactions valued at Rs. 42 trillion, representing 78 percent of all digital payment transactions. These were primarily used for person-to-person transfers, bill payments, and merchant payments made through online platforms and retail stores.
Internet banking also continued to expand, with transaction volume increasing 5 percent and transaction value rising 19 percent compared with the previous quarter.
Meanwhile, the Raast Instant Payment System maintained strong growth, processing 742.1 million transactions worth Rs. 23.3 trillion. Person-to-person (P2P) transfers reached 664 million transactions valued at Rs. 18.9 trillion, while person-to-merchant (P2M) payments climbed to 55.9 million, up from 36.3 million in the previous quarter.
Traditional banking channels also remained active. Pakistan’s 20,232 bank branches processed 128 million over-the-counter transactions worth Rs. 99.5 trillion, while 819,397 banking agents facilitated 155 million transactions amounting to Rs. 1.1 trillion.
The latest figures highlight the rapid adoption of digital financial services in Pakistan, driven by increasing smartphone usage, mobile banking, and the growing popularity of Raast for instant payments.
