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Pakistan is witnessing a remarkable rise in digital banking users, marking a major milestone in the country’s move toward a cashless economy. Recent data shows that mobile banking app users have exceeded 96 million, while internet banking users have crossed the 17 million mark nationwide.
Additionally, the number of people making instant and free digital transactions through Raast ID has reached 46 million. The government aims to boost online banking app users to 120 million by June 2026 as part of its broader digital transformation strategy.
Officials note that efforts to align Pakistan’s digital economy with modern global standards are beginning to pay off. With over 19,000 bank branches and 700,000 branchless banking agents operating across the country, citizens are increasingly turning to online transactions instead of traditional banking methods.
According to reports, more than 8 billion digital transactions have taken place in the retail sector over the past seven years, while over-the-counter transactions stood at 1.1 billion. Out of more than 226 million bank accounts in Pakistan, 96 million are active depositors.
The number of merchants using QR codes for payments has also climbed to 850,000. Under Prime Minister Shehbaz Sharif’s digital economy vision, three high-level committees have been formed to promote fintech innovation, digital payments, and financial inclusion across the country.
The government’s 2026 goals include increasing the number of merchants involved in digital payments to 2 million and developing a world-class digital banking infrastructure, paving the way for Pakistan to achieve a fully cashless economy.
