Pakistan’s credit card market posted its strongest quarterly expansion on record, with 900,000 new cards issued in just three months, according to Gallup Pakistan’s Digital Analytics Dashboard, which is based on data from the State Bank of Pakistan (SBP).

The number of credit cards in circulation climbed from 2.2 million at the end of FY25 to 3.1 million in the first quarter of FY26 (July–September 2025), marking a 44 percent increase.

The jump was larger than the combined net increase recorded over the previous six years, during which the country’s credit card base grew from 1.6 million to 2.2 million.

The rapid expansion was accompanied by a sharp rise in card usage. SBP data shows that the value of credit card transactions at ATMs increased nearly sixfold during the same quarter, indicating a significant surge in credit card activity.

Despite the unprecedented growth, no commercial bank, fintech, or other financial institution publicly announced a large-scale credit card issuance campaign during the period.

The reasons behind the spike remain unclear. It may reflect a major card issuance drive, the reclassification of existing card products, or the introduction of new credit-based payment instruments. SBP has not provided any explanation for the surge so far.

Debit cards continue to dominate Pakistan’s payments ecosystem, making up around 90 percent of the country’s 61.3 million payment cards, while credit cards account for roughly 4 percent.