Pakistan has recorded a major milestone in Digital Payments, with people making 3.4 billion transactions worth Rs68 trillion during the first quarter of 2026. The latest figures from the State Bank of Pakistan (SBP) highlight the country’s continued shift towards cashless banking and digital financial services.
According to the SBP’s Quarterly Report on Payment Systems, the formal banking sector processed 3.7 billion retail transactions valued at Rs168.8 trillion between January and March 2026. Of these, 92 percent were completed through digital channels, showing the growing preference for electronic banking over cash-based transactions.
The report states that increasing use of mobile banking applications, digital wallets, internet banking, payment cards, and the Raast instant payment system has accelerated the adoption of Digital Payments across the country.
Pakistan’s growing smartphone usage, better internet connectivity, and increasing public confidence in digital financial services have played an important role in this transformation. More consumers are now choosing digital platforms for transferring money, paying utility bills, shopping online, and making payments at retail stores.
One of the strongest indicators of this growth is the rapid increase in mobile banking and digital wallet registrations. By the end of March 2026, registrations had crossed 132 million, compared with 96 million during the same period last year. This represents an annual increase of 37 percent. Internet banking registrations also reached 16.2 million.
The report also revealed that Pakistan had 268 million bank accounts as of December 2025. Nearly 49 percent of these accounts are now linked to either a mobile banking application or a digital wallet, reflecting the wider adoption of digital financial services.
Mobile banking applications remained the largest contributor to Pakistan’s Digital Payments ecosystem. Apps operated by commercial banks, branchless banking providers, and Electronic Money Institutions (EMIs) processed 2.9 billion transactions worth Rs42 trillion during the quarter. These platforms accounted for 78 percent of all digital transactions.
Internet banking also continued to expand. Transaction volume increased by 5 percent, while the total value of transactions rose 19 percent compared with the previous quarter.
Meanwhile, Pakistan’s instant payment platform Raast maintained strong growth. During the January to March period, it processed 742.1 million transactions worth Rs23.3 trillion. Person-to-person payments reached 664 million transactions valued at Rs18.9 trillion, while person-to-merchant payments increased sharply from 36.3 million to 55.9 million transactions.
Although digital banking continued to dominate, traditional banking channels remained active. During the same quarter, bank branches processed 128 million transactions worth Rs99.5 trillion, while banking agents handled 155 million transactions totaling Rs1.1 trillion.
In other news read more about: Petrol Prices May Fall Further as Global Oil Rates Decline, Says Rana Sanaullah
The latest SBP data shows that Pakistan’s financial sector is rapidly embracing digital technology. As mobile banking and online payment services continue to expand, Digital Payments are expected to play an even greater role in the country’s future economy.
