KARACHI: Digital payments are gaining momentum in the country, with monthly card spending by Meezan Bank alone surpassing Rs45 billion, signalling a clear shift in consumer payment behaviour and reinforcing the rapid expansion of Pakistan’s digital payments ecosystem.
The milestone comes amid a broader transition toward cashless transactions, with increasing adoption of cards, mobile applications and QR-based payments across the country.
Banking industry data suggests that consumers are steadily moving away from cash, driven by convenience, security and expanding acceptance of digital payment channels.
According to the State Bank of Pakistan, digital retail transactions in the country have reached 3.1 billion in a single quarter, with a cumulative value of Rs64 trillion. The central bank’s instant payment system, Raast, recorded 645.7 million transactions amounting to Rs18.5 trillion, while the total number of payment cards in circulation has risen to 66.7 million.
Within this expanding landscape, Meezan Bank’s latest figures highlight the growing role of Islamic banking institutions in advancing digital financial services.
Industry observers note that Shariah-compliant banks are increasingly investing in technology-driven solutions, positioning themselves competitively alongside conventional banking channels.
The rise in card usage reflects evolving spending patterns, with consumers using cards for retail purchases, dining, travel, e-commerce and day-to-day transactions.
Meezan Bank official said that sustained growth in digital payments can deliver broader economic benefits, including improved documentation of financial activity, reduced reliance on cash handling and greater formalisation of the retail economy.
It may also support financial inclusion by enabling easier access to banking services for previously underserved segments.
With regulatory backing and ongoing initiatives such as Raast and merchant digitisation, Pakistan’s shift toward a cashless economy appears to be gaining pace. Meezan Bank’s Rs45 billion monthly card spend milestone is being seen as a reflection of this transition, underlining the increasing trust of consumers in digital financial services and the sector’s role in shaping a more connected and transparent economy.
Copyright Business Recorder, 2026
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