ISLAMABAD: The State Bank of Pakistan (SBP) has said that the use of digital financial services in the country is continuously increasing, as a result of which the number of users using branchless banking mobile apps has increased to 95.8 million. According to the central bank, significant growth has also been recorded in various digital means of banking, online shopping and electronic payments.
According to the Payment Systems Review Report for the third quarter of the fiscal year released by the SBP, the digital banking infrastructure in Pakistan is expanding rapidly, due to which a large number of citizens are preferring mobile and internet banking for daily financial transactions.
According to the report, the number of users using mobile banking apps has reached 28.9 million, while the number of internet banking users has also increased to 16.2 million. The State Bank says that this trend towards digital banking is not only improving access to financial facilities but also gradually reducing dependence on cash.
According to the SBP, the number of shops and business centres accepting digital payments through QR codes has also increased to 2.5 million across the country. This move has made it easier for small and medium-sized businesses to accept digital payments, while consumers have also been provided with the facility of secure and fast payments.
The report states that during the third quarter of the fiscal year, Pakistani consumers spent more than Rs470 billion through approximately 435 million online purchases. These figures reflect the growing trend of e-commerce in the country and the public’s trust in digital payments.
During the same period, more than Rs3.5 billion financial transactions were carried out through various digital channels, with a total value of Rs68,300 billion. According to the State Bank, these figures reflect the rapidly growing scope of the digital payments system in Pakistan and the growing role of technology in financial activities.
Experts say the rise of branchless banking, mobile wallets, internet banking and QR code-based payments is driving financial inclusion, especially in areas where traditional banking facilities are limited. They say the growing use of digital payments can also help in transparency in business activities, widening the tax net and reducing reliance on the cash economy.
Economic analysts say that if digital infrastructure, cybersecurity and consumer protection measures are further strengthened, Pakistan’s digital economy can grow faster in the coming years and access to financial services can improve significantly.