ISLAMABAD – Pakistanis made 3.4 billion digital payments worth Rs68 trillion during first quarter of 2026, showing big shift toward cashless banking.
Data from State Bank of Pakistan’s (SBP) latest Quarterly Report on Payment Systems shows digital channels accounted for 92 percent of the 3.7 billion retail transactions worth Rs168.8 trillion processed through the formal banking system between January and March, driven by the growing use of mobile banking apps, digital wallets, internet banking, and the Raast instant payment platform.
The digital banking revolution in the fifth most populous nation is gathering pace as consumers increasingly adopt cashless transactions, with digital payment channels processing a staggering 3.4 billion transactions worth Rs68 trillion with mobile banking apps, digital wallets, internet banking, and payment cards rapidly replacing traditional cash-based transactions.
Surge in smartphones, improved internet connectivity, and growing confidence in digital financial services continue to fuel this transformation, the central bank said.
One of the most striking indicators of this shift is the surge in mobile banking and digital wallet registrations, which climbed to more than 132 million by the end of March 2026, compared to 96 million a year earlier, marking an impressive 37 percent annual increase. Internet banking registrations also reached 16.2 million during the period.
With 268 million bank accounts recorded as of December 2025, nearly 49 percent are now linked to either a mobile banking application or a digital wallet, highlighting the increasing integration of digital financial services into everyday banking.
Mobile applications remained backbone of Pakistan’s digital payments ecosystem. Banking apps operated by commercial banks, branchless banking providers, and Electronic Money Institutions (EMIs) facilitated 2.9 billion transactions worth Rs42 trillion, accounting for 78 percent of all digital payments during the quarter. These platforms enabled millions of users to transfer funds, pay utility bills, shop online, and make merchant payments at retail outlets with ease.
Internet banking also maintained steady momentum, with transaction volumes increasing by 5 percent, while the overall value of transactions jumped 19 percent compared with the previous quarter.
Pakistan’s flagship instant payment platform, Raast, continued its remarkable growth trajectory, processing 742.1 million transactions valued at Rs23.3 trillion during the January–March period.
Person-to-person (P2P) payments remained the dominant segment, rising 10 percent over the previous quarter to 664 million transactions worth Rs18.9 trillion. Meanwhile, person-to-merchant (P2M) payments witnessed even stronger growth, increasing from 36.3 million transactions in the previous quarter to 55.9 million, reflecting the rising acceptance of digital payments by businesses across the country.
During this first quarter, bank branches processed 128 million transactions worth Rs99.5 trillion, while banking agents facilitated 155 million transactions amounting to Rs1.1 trillion.
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