Pakistan is making steady progress toward a digital economy as more people use mobile banking and online payment services. According to the SBP, the country has seen strong growth in digital transactions, mobile banking users, and merchant acceptance over the past year.
Speaking at the launch of the HBL, UnionPay International, and PayPak co-badge debit card, SBP Governor Jameel Ahmad said the financial sector is moving closer to a secure and cashless payment system. He described the new card as another important step in expanding digital financial services across Pakistan.
The SBP governor said the number of mobile banking app users has reached 137 million. This reflects the increasing use of digital financial services by individuals across the country.
He also shared that retail digital transactions have grown sharply during the last year. The total number of transactions increased from 6.9 billion to nearly 12 billion. This shows that more people are choosing digital payment methods instead of cash.
Another major improvement was seen in the number of businesses accepting digital payments. Active merchants increased from around 500,000 to more than 2 million in one year. This expansion gives customers more opportunities to pay digitally at shops and businesses.
The governor also highlighted progress in overseas remittances. The share of workers’ remittances received through digital channels rose from 80 percent to 92 percent. This increase reflects the growing trust in secure digital banking services.
The newly launched co-badge debit card combines Pakistan’s domestic PayPak payment network with the international acceptance of UnionPay. This allows users to make secure transactions both within Pakistan and in other countries where UnionPay is accepted.
According to the governor, this initiative supports the SBP Vision 2028 and the Prime Minister’s Cashless Pakistan initiative. Both programs aim to expand digital financial services and reduce reliance on cash transactions.
Jameel Ahmad said the objective is not only to increase digital payments but also to build a modern financial system. He said individuals and businesses should have access to safe, reliable, and efficient payment solutions.
He also encouraged banks, fintech companies, payment service providers, and merchants to continue improving digital payment infrastructure. He stressed the importance of expanding payment acceptance, strengthening cybersecurity, and raising public awareness about safe digital transactions.
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With mobile banking usage growing rapidly and digital payments reaching record levels, Pakistan continues to move toward a more inclusive and technology-driven financial system. The latest figures shared by the SBP highlight the country’s ongoing efforts to promote secure, convenient, and widely accessible digital banking services.
