Pakistan has seen a significant shift towards digital payments, with citizens completing transactions worth Rs1 trillion through the Raast instant payment system in just 16 days. This marks a dramatic improvement compared to the 336 days it took to reach the first trillion.
According to the State Bank of Pakistan (SBP), Raast has now facilitated 892 million transactions totaling Rs20 trillion, highlighting the increasing preference for online payment solutions. The rapid growth is primarily due to the Person-to-Person (P2P) module introduced in February 2022, which has made digital transactions easier and more accessible.
Additionally, the launch of the Person-to-Merchant (P2M) module has further encouraged digital payments, enabling businesses to accept payments via QR codes and bank transfers, enhancing customer convenience.
The rise in digital transactions is also linked to greater financial inclusion, with the number of accounts growing by 18%, reaching 215 million by the end of FY24. This growth has been supported by a wider network of banks and microfinance institutions. Despite ongoing economic challenges, the surge in digital payments points towards a more inclusive and modern financial landscape in Pakistan.