Pakistan Records 2. 8 Billion Online Transactions Worth Rs. 166 Trillion in Just Three Months

Pakistan has witnessed a significant surge in digital payments, signaling a swift advancement towards a cash-lite economy. According to data released by the State Bank of Pakistan, the country processed an impressive 2.8 billion online retail transactions between July and September. These transactions collectively amounted to a staggering Rs. 166 trillion, underscoring the growing reliance on digital financial services. This period recorded a 10 percent increase in transaction volume and a 6 percent rise in the total value compared to the previous quarter. Much of this growth has been driven by the expanding use of mobile banking applications and various digital payment platforms. As consumers and businesses increasingly adopt online payment methods, digital transactions now represent nearly 90 percent of all retail transactions nationwide. Mobile banking has emerged as the dominant channel for these transactions, a trend that reflects the broader increase in smartphone penetration and enhanced internet accessibility across the country. Among the different transaction types, fund transfers constitute the largest share both in terms of volume and monetary value. This indicates a shift towards digital methods for daily payments, salary disbursements, bill settlements, and commercial dealings. Experts attribute the rapid adoption of digital payments to growing public confidence in secure digital banking systems, as well as concerted efforts by regulatory bodies and financial institutions to develop user-friendly platforms. The implementation of initiatives like instant payment systems, branchless banking, and digital wallets has been instrumental in accelerating the uptake of digital financial services. The State Bank of Pakistan has emphasized that the steady increase in online transactions is a positive indicator for enhancing financial inclusion and promoting economic transparency. By bringing more users into the formal financial ecosystem, digital payments help reduce dependence on cash and improve traceability of transactions. Looking ahead, with continued investments in digital infrastructure, analysts anticipate that online transactions will continue to expand, further strengthening Pakistan’s evolving digital economy.