Mobile Banking Transactions Surge as Pakistan Embraces Cashless Economy
Pakistan’s transition toward digital banking continued to accelerate during the first quarter of 2026, with digital transactions reaching 3.4 billion worth Rs68 trillion, according to the State Bank of Pakistan’s Quarterly Payment Systems Report. The growing use of mobile banking apps, internet banking, digital wallets, and payment cards reflects increasing consumer preference for convenient and cashless financial services.
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The number of registered mobile banking and digital wallet accounts rose to more than 132 million by March 2026, marking a 37 percent increase compared to the previous year. Internet banking registrations also climbed to 16.2 million, while nearly half of the country’s 268 million bank accounts are now linked to mobile banking applications or digital wallets.
Mobile app-based payments remained the dominant digital payment channel, accounting for 2.9 billion transactions worth Rs42 trillion, representing 78 percent of all digital transactions. Meanwhile, the Raast Instant Payment System continued its strong growth, processing 742.1 million transactions valued at Rs23.3 trillion, with significant increases in both person-to-person and merchant payments.
Overall, Pakistan recorded 3.7 billion retail transactions worth Rs168.8 trillion through formal banking and payment channels during the quarter, with 92 percent conducted digitally. The State Bank said these trends demonstrate the country’s ongoing shift toward a more inclusive, efficient, and digitally enabled financial system, supported by increasing smartphone usage and expanding internet access.
