Page 86 - CMA Journal (Nov-Dec 2025)

TOP TECHNOLOGY TREND

T O P TECHNOLOGY TREND

The Digital Payment

Revolution in Pakistan

In Pakistan, the digital financial landscape is evolving Looking and learning
rapidly and is fueled by an increase in technology from the global success Ahmed Ali Siddiqui
acceptance and financial inclusion, as well as real time stories, like India’s UPI and Founding Director at
payment innovations. The most recent data from the Nigeria’s Inter Bank Settle-
State Bank of Pakistan’s annual Payment Systems report ment System, Pakistan IBA Centre for Excellence
(March 2025) indicates a significant increase in both can fast track financial in Islamic Finance &
retail and large value digital transactions. This increase is inclusion and improve the Group Head, Consumer
largely driven by heightened mobile banking, e-wallets, way its payment systems Finance, Meezan Bank Ltd.
and merchant digitization. connect and operate. To
make this happen, the country will need to update key
Towards Greater Financial Inclusion regulations, launch pilot programs to test new models,
and bring banks and fintechs together. Focusing on
Regulatory reforms, combined with the way consumer
collaboration with international financial groups can
habits are changing, are gradually guiding Pakistan
also play a big role by supporting implementation and
toward a more transparent and efficient payment
sharing global best practices.
system, and this is quite similar to what we have seen in
modern financial markets around the world. Mobile and Internet Banking
According to the latest SBP Q3 payment system report,
In Pakistan, mobile banking remains the primary catalyst
retail transaction count reached 2.4 billion, marking a
for digital transaction growth. According to the central
12% increase from the previous quarter. Their total value
bank figures, the mobile applications processed 1.7
also climbed 8%, touching Rs. 164 trillion. These numbers
billion transactions valued at Rs. 27 trillion, reflecting
show not just the widening digital footprint, but also a
16% growth in volume and 22% in value. The diversity of
shift toward higher value transactions, especially
platforms, including banks, branchless banking provid-
through mobile and internet banking channels.
ers, and electronic money institutions, reflects a broad
A major shift is already underway, with 89% of retail market reach and future potential for growth.
transactions now happening through digital channels
The use of internet banking has also shown promising
instead of traditional over the counter methods.
growth numbers with the number of users rising to 14.1
million and the transaction count has crossed the 70
million mark with a total worth of over Rs. 9.6 trillion.
Real Time Payments (Raast)

SBP’s Raast Instant Payment System is also playing a vital
role in Pakistan’s digital payments journey. The
person-to-person segment recorded 368 million
transactions worth Rs. 8 trillion, a 25% increase in volume
and 31% in value from the previous quarter. According to
the SBP data, the new Raast person to merchant service

has also grown, with over 700,000 merchants onboarded
and Rs. 4.5 billion in transactions processed.
84 ICMA’s Chartered Management Accountant, Nov-Dec 2025