Page 29 - CMA Journal (July-August 2025)

Focus Section

The Government of Pakistan is continuously reshaping
the payment system towards a digital model by issuing
licenses to Fintech companies, introducing QR codes,
and encouraging collaboration between banks and
telecom companies. Major players like SadaPay and
NayaPay offer easy payment processes through
user-friendly mobile applications.
The State Bank of Pakistan (SBP) launched Pakistan
Financial Literacy Week (PFLW) in March 2024 to enhance
financial inclusion through digital means, under its
Strategic Vision 2028. ICMA is also supporting SBP’s
Strategic Vision 2028 and observed Pakistan Financial
2025. Branchless banking users grew from 59 million in
Literacy Week (PFLW) 2025 on 22nd April 2025.
2024 to 68.5 million in 2025. Mobile wallet users
Currently, in Pakistan, there are around 190 million increased from 3.7 million in 2024 to 5.3 million in 2025.
mobile network users, out of which about 125 million PayPak debit cards reached 11 million in 2024,
people have access to 3G/4G internet. Due to this accounting for 25% of total debit cards. The total number
transformation in a major part of the population, the of POS machines increased from 125,000 in 2024 to
government has improved the digital payment system 179,000 in 2025, with 99 million transactions. The total
with the support of traditional banks, RAAST, Fintech number of ATMs increased from 18,960 in 2024 to 19,500
companies, and telecom operators. At present, there are in 2025.
around 45 million branchless banking users. A large
RAAST was introduced in 2021, and its P2P service was
segment of the population is engaged in the digital
launched in 2022. It processed 496 million transactions
payment system for their needs such as school fees,
worth Rs. 11.6 trillion in 2024. By the third quarter of
utility payments, tax payments, and online shopping at
2025, the number of transactions had reached 371
e-commerce platforms. In remote areas, many women
million, with a value of Rs. 8.5 trillion.
are using mobile wallets for home remittances, which is a
positive sign of change in the payment system. Key Stakeholders of Digital Payment System
The government has achieved 89% of business payments • State Bank of Pakistan (SBP)
digitally in 2025. The latest development, included in the
• Mobile Companies (Mobilink, Ufone, Zong,
Budget 2025–26 to minimize the cash-based economy,
Warid, Telenor)
requires all businesses to legally pay and receive
payments digitally or through banks if the invoice • Commercial Banks (ABL, NBP, UBL, MCB, etc.)
amount exceeds Rs. 200,000. Any violation is subject to • Fintechs (SadaPay, NayaPay, etc.)
punishment. This step is helping to strengthen the digital
• Government Programs (BISP, Ehsaas, RDA)
payment system and improve tax collection.
• E-Commerce Platforms (OLX, Daraz, FoodPanda, etc.)
Currently, 35% of adults in Pakistan are using bank
accounts, which has increased significantly from just 8% Key Modules of Digital Payment System
in 2013. In rural areas, the rate is still very low, as only 14%
of women and 56% of men have access to banks. In rural • Debit and Credit Cards
Punjab, 40% of the population has bank access, • Mobile Wallets (JazzCash, Easypaisa,
compared to only 23% in Balochistan’s rural areas. In Upaisa, NayaPay, SadaPay)
comparison, India has 80–90% of its population with
• Net Banking Apps (MyABL, UBL Digital,
access to banks.
Meezan, etc.)
Digital retail payments were 76% in 2023, which • Point of Sale (POS) Terminals
increased to 84% in 2024 and then 89% in the third
• QR Codes for Digital Payments
quarter of 2025. In the third quarter of 2025, over 2 billion
transactions were recorded in a single quarter. Annual • RAAST Payment System
transaction volume grew by 70% in 2024, and 12% • 1-Link
quarter-on-quarter growth was recorded in the third
• NIFT
quarter of 2025. Mobile application transactions reached
1.686 billion in the third quarter of 2025 (a 16% increase). • RTGS
Internet banking recorded 14.1 million transactions in • E-Commerce Payment Gateways (Checkout.com,
2025, up from 12 million in 2024. Mobile banking users PayFast, HBL Pay, Alfalah Gateway)
increased from 18.7 million in 2024 to 22.6 million in
ICMA’s Chartered Management Accountant, Jul-Aug 2025 27