According to the latest report of the State Bank of Pakistan (SBP), the use of digital financial services is continuously increasing in the country, as a result of which the number of users using the branchless banking mobile app has increased to 95.8 million. According to the report, significant growth has also been recorded in mobile and internet banking, online shopping and digital payments.
Releasing its review report on the payments system during the third quarter of the financial year, the SBP said that Pakistan’s digital banking network is continuously expanding. Due to the modern facilities introduced by banks and financial institutions, a large number of consumers are preferring digital platforms over traditional banking.
According to the report, the number of users using mobile banking apps has reached 28.9 million, while the number of internet banking users has increased to 16.2 million. The State Bank says that these figures indicate that the methods of financial transactions in Pakistan are gradually changing and consumers are trusting more in digital facilities.
The report states that the number of shopkeepers and business centres accepting digital payments through QR codes has also increased to 2.5 million. This development has made it easier for small and medium-sized businesses to accept digital payments, while consumers are also getting the facility of safe and instant payments without cash.
According to the State Bank, Pakistani consumers spent around 435 million online purchases worth 470 billion rupees during the third quarter of the fiscal year. According to experts, this trend reflects the growth of e-commerce and the increase in online business activities.
During the same period, more than 3.5 billion financial transactions were carried out through various digital channels, the total value of which was recorded at 68,300 billion rupees. According to the report, this increase in digital payments not only reflects the expansion of the banking system but also the growing role of technology in the economy.
Economists say that the growing popularity of branchless banking, mobile wallets, internet banking and QR code-based payments is promoting financial inclusion, especially in areas where traditional banking facilities are limited. According to them, the promotion of digital payments can also play an important role in making the economy more documented, increasing business transparency and reducing dependence on cash.
Experts further say that if measures related to cybersecurity, digital infrastructure, and consumer protection are made more effective, Pakistan’s digital economy can grow even faster in the coming years and modern financial services will become more accessible to ordinary citizens than ever before.
