The State Bank in Pakistan (SBP) has released Sponger payment systems review For Q2 FY25, it reveals a significant rise in retail selling payments. Transactions grew by 11 % in size and 12 % in value, up to 154 trillion rupee, driven by increasing the adoption of digital payment channels.
Digital payments constituted 88 % of all retail transactions by size, highlighting the transformation of Pakistan towards a non -cash economy. Mobile banking applications led the fees, witnessing 1.45 billion transactions worth 24 trillion rupees, while online banking gates witnessed a 7 % increase in users, facilitating 9.7 trillion rupees in transactions.
The report also pointed to a growth in the instant rast payments, as P2P transactions rose to 294 million (+50 %) and merchant payments are gaining traction. E -commerce transactions increased by 30 %, reflecting the changing consumer preferences.
For more details, read the full report here.