State Bank of Pakistan (SBP) Governor Jameel Ahmad said the number of mobile banking app users has reached 137 million, while retail digital transactions have nearly doubled over the past year as Pakistan continues its shift toward a digital economy.
Speaking at the launch of the HBL, UnionPay International and PayPak co-badge debit card, Ahmad called the initiative another milestone in Pakistan’s move toward a more inclusive, secure and cashless payments system.
He said retail digital transactions rose from 6.9 billion to nearly 12 billion over the past year, while the number of active merchants accepting digital payments increased from around 500,000 to more than 2 million.
Ahmad also said the share of workers’ remittances received through digital channels climbed from 80 percent to 92 percent.
According to the SBP governor, the co-badge payment system combines Pakistan’s domestic PayPak infrastructure with the international acceptance of UnionPay, allowing secure and seamless transactions both within the country and abroad.
He said the initiative is aligned with SBP’s Vision 2028 and the prime minister’s Cashless Pakistan initiative. Ahmad added that the goal is not only to digitize payments, but also to build a financial ecosystem that enables individuals and businesses to make secure and efficient transactions.
He urged banks, fintech companies, payment service providers and merchants to expand digital payment acceptance, strengthen cybersecurity and improve consumer awareness as the country moves further toward financial inclusion.
