KARACHI, November 6, 2024: The State Bank of Pakistan (SBP) has issued licenses to four financial institutions to advance the country’s electronic payment systems, signaling a significant rise in digital payment adoption nationwide.
These newly licensed institutions will participate in a six-month pilot project, aimed at enhancing Pakistan’s digital payment infrastructure.
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The SBP has also approved, in principle, the establishment of electronic money institutions (EMIs), payment system operators (PSOs), and payment system providers (PSPs).
Currently, three electronic payment institutions are nearing the completion of their pilot projects, while an additional three fintech firms have been granted approval to begin their own pilot operations.
As digital finance continues to expand, four organizations are now actively involved in the electronic payments sector in Pakistan.
According to SBP data, by September 2024, over 4.2 million e-wallet accounts have been opened, and 4.6 million payment cards have been issued through e-wallet services.
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The e-wallet sector has experienced rapid growth, with a total of 80 million transactions valued at Rs 232 billion recorded during this period.
This marks a 163% year-on-year increase in e-wallet accounts and a 167% rise in transaction volume, reflecting a growing demand for digital payment solutions in Pakistan.
