Pakistan witnessed a surge in digital payments during fiscal year 2021-22.
State Bank of Pakistan (SBP) has taken appropriate measures to strengthen payments system infrastructure and regulatory framework in the country in recent years, resulting in increased accessibility and lower costs of financial services for customers especially through digital channels.
E-commerce transactions also witnessed similar trends as the volume grew by 107.4 percent to 45.5 million and the value by 74.9 percent to 106 billion rupees.
The central bank said measures such as promoting and developing interoperable payments infrastructure, issuing enabling regulations especially for retail payment providers, ensuring the trust and security of digital payment channels, and promoting new technologies, led to the surge in digital payment systems in the South Asian country.