Digital Payments

Digital payments in Pakistan have grown rapidly since 2010, with 88% of retail payments flowing through digital channels in FY25. Branchless banking app users reached 79.2 million, POS machines increased by 260% in nine years, and QR-enabled merchants exceeded 1 million. This shift is transforming economic activity by enabling traceable transactions, expanding business credit access, and fostering a gig economy.

Banxico has published new rules to boost digital payments and bank accounts. The initiative is intended to encourage the use of digital transactions and increase the number of bank accounts.

UBA Plc won the 2026 Banker Technology Award for AI innovation and launched an upgraded mobile app. The award recognizes the bank's innovations in digital payments, e-business, and AI-driven cross-border banking across over 20 African markets.

The article explores the future of the US Dollar in a cashless society, questioning its dominance as digital payment systems and cryptocurrencies gain traction. It highlights the potential challenges to traditional currency in an increasingly digitized financial landscape.