Country’s payment infrastructure shows a robust growth

Pakistan’s payments infrastructure demonstrated robust growth during the second quarter of this fiscal year (FY24), bolstered by Real-time Gross Settlement System (RTGS) and Raast faster payment system.

According to Quarterly Payment Systems Review (PSR) for the second quarter (Oct-Dec) of FY24, during the quarter, 82 percent of retail transactions were conducted digitally as compared to 80 percent in previous quarter showing a continued increase in adoption of digital payments. Conversely, in terms of value, 85 percent of retail payments were conducted at Over-the-Counter (OTC) and only 15 percent through digital channels.

In Pakistan, RTGS system processes large value financial transfers and settlements, whereas Raast and PSOs/ PSPs are the channels for Retail Payments, based on transaction’s nature and customer’s preference.