State Bank Drives Digital Payments for Eid-ul-Azha
The State Bank of Pakistan (SBP) has initiated a nationwide “Go Cashless” campaign to promote digital payments and reduce reliance on cash transactions within cattle markets during the upcoming Eid-ul-Azha.
Mehfooz
Share of digital payments surged to 84% in FY-24
The State Bank, report said that ongoing transformation of Pakistan’s payment landscape towards digital payments underwent significant advancements as share of digital payments surged to 84% during fiscal year 2023-24.
Adil Aziz
Digital retail payments rise to 84% in FY-24, Governor SBP
Governor State Bank of Pakistan, Jameel Ahmad, stated that the share of digital payments in total retail payments by volume has risen from 76% in FY23 to 84% in FY24 while the overall number of digital retail transactions has increased by 30%.
VISA aims for 10-fold rise in Pakistani use of digital payments
VISA plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.
Pakistan’s digital transactions in retail payments significantly rises
Digital transactions were 83% of total retail payments for the quarter, processed by Banks and Electronic Money Institutions (EMIs) whereas 17% of transactions were conducted Over-the Counter (OTC) at bank branches. Collectively, Banks and EMIs processed 844 million retail payments amounting to PKR 128,470 billion during the quarter. This included 47% funds transfer transactions, 33% cash withdrawals, 11% POS and e-commerce purchases, 6% bill payments and mobile top-ups, and the remaining transactions comprised deposits, tax payments, invoice-based payments, and donations.
Editor
Easypaisa launches QR SoundBox to revolutionize Digital Payments landscape
Easypaisa, Pakistan’s leading digital financial services platform, has launched the QR SoundBox, a portable device for payment alerts and notifications, to revolutionize digital financial services in Pakistan.
Faysal Bank & Total Parco join hands for digital payments
Faysal Bank Limited and Total Parco signed an agreement for the provision of cashless transactions across Total Parco’s extensive retail network, offering facilities to customers and aligning with the demands of digitization.
Visa Eyes Regional Expansion, Officially Opens New Pakistan Office
Visa, the world’s digital payments leader has officially inaugurated its new office in Pakistan Visa’s expanded on-ground presence in Pakistan is a testament to its commitment to supporting the company’s financial institution and merchant clients, local government partners, investments and local communities as part of continued efforts to drive digitalization of the payments landscape. With…