Pakistan is making strong progress toward a digital economy as the use of Mobile Banking and digital payments continues to grow. State Bank of Pakistan (SBP) Governor Jameel Ahmad said the country has reached 137 million mobile banking app users, showing increasing public confidence in digital financial services.
The SBP governor shared these figures while speaking at the launch of the HBL, UnionPay International, and PayPak co-badge debit card. He described the launch as an important step toward building a secure, inclusive, and cashless payment system in Pakistan.
According to Ahmad, the number of retail digital transactions has increased significantly over the past year. Transactions rose from 6.9 billion to nearly 12 billion. This growth reflects the rapid expansion of Mobile Banking and digital payment services across the country.
He also highlighted a major increase in businesses accepting digital payments. The number of active merchants has grown from around 500,000 to more than 2 million. This expansion allows more customers to make secure digital payments at shops and businesses nationwide.
The governor said digital financial services are also improving the way overseas Pakistanis send money home. The share of workers’ remittances received through digital channels has increased from 80 percent to 92 percent. This shift has made transactions faster, more secure, and more convenient for families.
Ahmad explained that the newly launched co-badge debit card combines Pakistan’s PayPak payment network with the international reach of UnionPay. This allows users to complete secure transactions both within Pakistan and abroad using a single card.
He said the new payment solution supports the State Bank’s Vision 2028 and the prime minister’s Cashless Pakistan initiative. Both programs aim to increase financial inclusion and encourage the use of digital payment methods across the country.
The SBP governor added that the goal is not only to expand digital payments but also to create a stronger financial ecosystem. He said individuals and businesses should be able to make safe and efficient transactions through reliable digital platforms.
Ahmad urged banks, fintech companies, payment service providers, and merchants to continue expanding digital payment acceptance. He also stressed the importance of improving cybersecurity and increasing public awareness about safe digital transactions.
In other news read more about Mobile Banking Users Increase by 8% to Reach 16 Million
The continued growth of Mobile Banking is expected to play a key role in Pakistan’s digital transformation. With more users, merchants, and secure payment options, the country is moving closer to a modern, cashless, and financially inclusive economy.
