Record 8% growth witnessed in digital payments in Q1 FY25: SBP
The State Bank of Pakistan (SBP) reported an 8% increase in retail payments
during the first quarter of fiscal year 2024-25 (Q1 FY25). Digital payments
grew by 9% in both volume and value, reflecting Pakistan’s ongoing transition
toward a cashless and digitally inclusive economy.
The SBP's Quarterly Payment Systems Review for July to September
2024 highlights significant progress in digital payment adoption,
infrastructure development, and a gradual shift from cash-based transactions.
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Key Findings from the Report:
- Retail Payments: Grew by 8% in volume,
reaching 1,951 million transactions worth PKR 136 trillion.
- Digital Payments: Increased by 9% to 1,699
million transactions, totaling PKR 36 trillion in value.
- Mobile Banking Apps: Played a crucial role,
with 1,301 million transactions worth PKR 19 trillion—a rise of 11% in
volume and 14% in value. Mobile app users increased by 4%, reaching 96.5
million.
- E-Commerce: Online payments surged by 29%,
with 91% of 118 million transactions conducted through digital wallets,
signaling a shift from traditional card-based payments.
Supporting Infrastructure Growth:
- Point-of-Sale (POS) Terminals: Expanded to
132,224 units, enabling 83 million transactions worth PKR 429 billion.
- ATMs: Increased to 19,170 units, processing
243 million transactions valued at PKR 3.9 trillion.
The SBP emphasized that these advancements indicate growing trust in digital
payments and mark significant strides toward a fully digital economy. With 87%
of retail payments now conducted through digital channels, Pakistan is on track
to reduce its reliance on cash-based systems, foster innovation, and enhance
financial inclusion.
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Source: ARY News