Meezan Bank has announced that its monthly card spend has surpassed Rs22.5 billion, indicating a notable shift in consumer payment habits and highlighting the growth of Pakistan’s digital payments landscape. This achievement occurs during a broader movement toward cashless transactions, with increasing use of cards, mobile apps, and QR-based payments nationwide. Data from the banking sector show a consistent shift away from cash, driven by convenience, security, and greater acceptance of digital methods.
The State Bank of Pakistan reports that digital retail transactions have reached 3.1 billion in a quarter, totaling Rs64 trillion. Its instant payment system, Raast, recorded 645.7 million transactions worth Rs18.5 trillion, and the number of payment cards in circulation has risen to 66.7 million.
Meezan Bank’s figures underscore the pivotal role of Islamic banking institutions in promoting digital services. Observers note that Shariah-compliant banks are increasingly investing in technology to compete with conventional banks.
The increase in card usage shows shifting spending habits, with consumers using cards for retail, dining, travel, e-commerce, and daily purchases. A bank official noted that this change is supported by enhanced payment infrastructure, broader merchant acceptance, and stronger security measures.
Meezan Bank credits its growth to ongoing investment in secure payment systems and customer experience, including advanced fraud monitoring and tokenised payment solutions for safer transactions.
Sustained growth in digital payments can lead to significant economic advantages, such as better documentation of financial activities, reduced cash handling, and increased formalisation of the retail sector. It may also aid financial inclusion for underserved populations.
With regulatory support and initiatives like Raast and merchant digitisation, Pakistan’s shift towards a cashless economy is progressing. Meezan Bank’s Rs22.5 billion monthly card spend is seen as a marker of this transition, reflecting growing consumer confidence in digital financial services.
