Pakistan’s digital banking transactions surged by 57 percent in FY23— central bank

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This photograph taken on March 4, 2015 shows a Pakistani resident waiting to withdraw currency from an ATM in Islamabad. (AFP/File)
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A man sits outside a bank along a street in Rawalpindi on July 15, 2023. (AFP/File)
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Updated 28 September 2023
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Pakistan’s digital banking transactions surged by 57 percent in FY23— central bank

  • In latest report, Pakistan’s central bank says paper-based transactions declined by over 4 percent during FY23
  • During FY23, number of transactions by Point of Sales, ATMs grew annually by 45 percent and 17 percent respectively

ISLAMABAD: Pakistan’s mobile and Internet banking transactions surged by a whopping 57 percent in volume and 81 percent by value during the fiscal year 2022-23, the State Bank of Pakistan (SBP) said in a report on Wednesday. 

According to the Annual Payment Systems Review for the fiscal year 2022-23 released by the SBP, Internet banking users increased by 15.1 percent to 9.6 million in Pakistan while mobile phone banking users rose by 30.2 percent to reach 16.1 million in FY23. 

“The e-banking is attracting more customers due to its efficient and instant payment solutions, and its transactions are growing at a steady pace over the years,” the SBP said in the report. 

The report said paper-based transactions declined by over 4 percent during FY23 and cumulatively around 20 percent in the last five years. However, it added that the value of paper-based transactions increased by 20 percent in FY23.

The SBP report further said that as of June 30, 2023, there were 115,288 Point Of Sales terminals, 17,808 ATMs, 520 Cash/Cheque Deposit Machines and 6,889 e-commerce merchants to provide payments services to customers. 

“During the fiscal year, the number of transactions through POS (199.3 million) and ATMs (809.7 million) grew annually by 45 percent and 17 percent respectively,” it said. “Domestic e-commerce transactions using payment cards were 31.8 million which amounted to PKR 142 billion during the year.”

The report said that as of June 30, 2023, there were 58.1 million payment cards in circulation in Pakistan of which 44.5 million were issued by banks and Microfinance Banks, 10.8 million by branchless banks, and 2.8 million by EMIs.


Pakistan joins regional talks on Afghanistan in Iran as Kabul stays away

Updated 15 December 2025
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Pakistan joins regional talks on Afghanistan in Iran as Kabul stays away

  • China, Pakistan, Pakistan, Tajikistan, Uzbekistan, Turkmenistan all joined talks organized by Iran, as did Russia
  • Afghanistan was invited but decided not to attend, Taliban-led government was tight-lipped on the reasons

TEHRAN, Iran: Afghanistan’s neighbors met in Iran and agreed to deepen regional coordination to address political, economic and security challenges, as well as calling for sanctions on Afghanistan to be lifted. 

The only absent party? Afghanistan itself.

China, Pakistan, Pakistan, Tajikistan, Uzbekistan and Turkmenistan all joined the talks organized by Iran, as did Russia, according to a statement released after the meeting on Sunday.

Afghanistan was invited but decided not to attend. Its Taliban-led government was tight-lipped on the reasons, with the foreign ministry saying only that it would not participate because Afghanistan “currently maintains active engagement with regional countries through existing regional organizations and formats, and has made good progress in this regard.”

The statement from the talks in Iran stressed the importance of maintaining economic and trade ties with Afghanistan to improve living conditions and called for the country’s integration into regional political and economic processes.

The Taliban were isolated after they retook power in Afghanistan in August 2021, but in the past year, they have developed diplomatic ties. They now raise several billion dollars every year in tax revenues to keep the lights on.

However, Afghanistan is still struggling economically. Millions rely on aid for survival, and the struggling economy has been further impacted by the international community not recognizing the Taliban government’s seizure of power in the wake of the chaotic withdrawal of US-led troops in 2021. Natural disasters and the flow of Afghans fleeing Pakistan under pressure to return home have underlined Afghanistan’s reliance on foreign aid to meet essential needs.

The countries at the talks also voiced security concerns and pledged cooperation in combating terrorism, drug trafficking and human smuggling, while opposing any foreign military presence in Afghanistan. They underscored the responsibility of the international community to lift sanctions and release Afghanistan’s frozen assets, and urged international organizations to support the dignified return of Afghan refugees from neighboring countries.

The participants backed efforts to reduce tensions between Afghanistan and Pakistan, which have been particularly strained, with border clashes between the two sides killing dozens of civilians, soldiers and suspected militants and wounding hundreds more.

The violence followed explosions in Kabul on Oct. 9 that Afghan authorities blamed on Pakistan. A Qatar-mediated ceasefire has largely held since October, although there have been limited border clashes. The two sides failed to reach an overall agreement in November despite three rounds of peace talks.

Asif Durrani, Pakistan’s former special representative for Afghanistan, said the Taliban government’s decision to skip the meeting reflected a “lack of political maturity.” 

Writing on X, Durrani said the move reinforced concerns that the Taliban were unwilling to negotiate, instead adopting an “I don’t accept” stance that he said would do little to resolve serious regional problems.

Mohammad Sadiq, the current Pakistani special representative for Afghanistan who attended the talks, wrote on X that the Afghan people had already suffered enough and deserved better.

Only an Afghanistan that does not harbor militants would inspire confidence among neighboring and regional countries to engage meaningfully with Kabul and help unlock the country’s economic and connectivity potential, he wrote.

Participants agreed to hold the next meeting of foreign ministers of Afghanistan’s neighboring countries as soon as possible in Ashgabat, Turkmenistan, and welcomed Pakistan’s offer to host the next round of special envoys’ talks in Islamabad in March.

Iran’s foreign ministry spokesman, Esmail Baghaei, on Sunday said that the meeting had not been held for about two years and marked the first such gathering attended by special envoys on Afghanistan from neighboring countries as well as Russia. Russia and Uzbekistan sent the special envoys of their presidents, while Pakistan was represented by a delegate from the prime minister’s office.

Landlocked Afghanistan is sandwiched between the Middle East, Central Asia, and South Asia, making it strategically located for energy-rich and energy-hungry nations.