Mobile Banking Users Reach 137 Million as Digital Payments Surge

State Bank of Pakistan (SBP) Governor Jameel Ahmad said the number of mobile banking app users has reached 137 million, while retail digital transactions have nearly doubled over the past year, reflecting the country’s rapid shift toward a digital economy.

Speaking at the launch of the HBL, UnionPay International, and PayPak co badge debit card, the SBP governor described the initiative as another milestone in Pakistan’s journey toward a more inclusive, secure, and cashless payments ecosystem.

He said the number of retail digital transactions increased from 6.9 billion to nearly 12 billion over the past year, while the number of active merchants accepting digital payments rose from around 500,000 to more than 2 million.

The share of workers’ remittances received through digital channels also increased from 80 percent to 92 percent.

According to Ahmad, the co badge payment system combines Pakistan’s domestic PayPak infrastructure with the international acceptance of UnionPay, enabling secure and seamless transactions both inside and outside the country. He said the initiative aligns with the SBP’s Vision 2028 and the prime minister’s Cashless Pakistan initiative.

The governor said the goal is not only to digitize payments but also to build a financial ecosystem where individuals and businesses can make secure and efficient transactions. He urged banks, fintech companies, payment service providers, and merchants to expand digital payment acceptance, strengthen cybersecurity, and improve consumer awareness as Pakistan continues its transition toward a more digital and financially inclusive economy.