The State Bank of Pakistan (SBP) has issued licenses to four financial institutions to enhance electronic payment systems, reflecting a sharp increase in e-payment adoption across the country.
According to the SBP, these licensed institutions will participate in a six-month pilot project.
The central bank has approved the establishment of electronic money institutions (EMIs), payment system operators (PSOs), and payment system providers (PSPs) in principle. Currently, three electronic payment institutions are in the final stages of their pilot projects, while three other financial technology firms have been granted approval to conduct pilot operations.
As digital finance gains momentum in Pakistan, four organizations are already operating in electronic payments.
According to SBP data, as of September 2024, 4.2 million e-wallet accounts have been opened, and 4.6 million payment cards have been issued via e-wallets. The e-wallet sector has witnessed significant growth, with an impressive 80 million transactions worth Rs232 billion recorded.
This expansion marks a 163% year-on-year increase in e-wallet accounts and a 167% rise in transactions, underscoring the demand for accessible and efficient digital payment solutions in Pakistan.
