From cash to clicks as digitisation increases
Over the last few years, Pakistan’s banking has reaped massive profits on the back of the sovereign’s ever-growing fiscal needs. In the process, it has drawn the ire of everyone, including the International Monetary Fund in the latest Article IV report, for depending on the government. However, one area where the sector seems to have done well, at least in relative terms, is in digitalisation as far as payments are concerned, as shown by the numbers in the latest Annual Payment Systems Review (PSR) FY24 by the State Bank. In this regard, FY24 was no different as digital transactions continued not only in absolute terms but also as part of the overall piece. Their shares in throughput and volumes reached 13.4 per cent and 52.4pc in the outgoing fiscal year, compared to just 2.6pc and 16.9pc in FY20.