​KARACHI: The State Bank of Pakistan (SBP) has released its Quarterly Payment Systems Review for the second quarter of fiscal year 2026 (October–December 2025), revealing a massive shift toward digital finance. According to the report, digital channels now account for a staggering 92% of all retail transactions in the country.

​The Digital Explosion

​The report highlights that Pakistanis performed 3.4 billion retail transactions during the quarter, a 7% increase in value compared to the previous quarter, reaching a total of PKR 167 trillion.

​The adoption of digital methods is accelerating rapidly, with digital payments reaching 3.1 billion transactions worth PKR 64 trillion. This is a significant jump from 88% digital share recorded during the same period last year.

​Mobile Banking Dominates

​Mobile app-based payments remain the undisputed leader of the digital landscape.

• ​Transaction Volume: 2.6 billion transactions.
• ​Total Value: PKR 40 trillion.
• ​Market Share: These apps (offered by banks, Branchless Banking players, and EMIs) now account for 83% of all digital payments.

​Internet banking also showed robust growth, with transaction volume increasing by 11% and value surging by 22% quarter-on-quarter.

​Raast: The Backbone of Instant Payments

​The SBP’s Raast Instant Payment System continues to see aggressive adoption across various sectors:

• ​P2P (Person-to-Person): Processed 603 million transactions worth PKR 15.7 trillion.
• ​P2M (Person-to-Merchant): Transactions rose to 33.6 million, totaling PKR 167.6 billion.
• ​Bulk Payments: Government and corporate sectors used Raast for 9 million transactions worth PKR 2.6 trillion, signaling a shift in how large-scale institutional payments are handled.

​Cards and Infrastructure

​The number of payment cards in Pakistan has reached 66.7 million, with debit cards dominating 87% of the market. While credit cards still represent a small portion (5%), the infrastructure to support card usage is growing:

• ​POS & E-commerce: Roughly 1.7 million card-based transactions are now processed daily.
• ​ATMs: A network of 20,976 ATMs facilitated 277 million transactions worth PKR 4.9 trillion.

​The Role of Physical Channels

​Despite the digital surge, traditional banking still handles the bulk of high-value transactions. Over 20,000 bank branches processed 138 million transactions valued at PKR 102 trillion, while 763,262 banking agents facilitated smaller OTC services like cash withdrawals and bill payments.

​The SBP noted that these trends underscore Pakistan’s steady transition toward a more inclusive and efficient “Digitally Enabled” economy.