Only 3 per cent of bank accounts across Pakistan have a balance of more than Rs1 million, while the balance of 26 per cent of the accounts between Rs50,000 and Rs1 million.

Moreover, the data shows that the balance of 51 per cent of bank accounts is less than Rs5,000, while the balance of 20 per cent of bank accounts is lower than Rs50,000.

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For the third quarter of FY25, a currently released Quarterly Payment Systems Review as per the State Bank of Pakistan’s (SBP) shows that 89 per cent of all transactions of retail by volume were via digital payment channels. This highlights the important role of mobile app-based banking.

Retail payment volumes increased by 12 per cent, marking 2,408 million transactions, with the total amount of these transactions adding up to Rs164 trillion. 371 million transactions worth Rs8.5 trillion were processed by Raasts during the quarter, pushing its cumulative total since launch to 1.5 million transactions valued at over Rs34 trillion. Whereas large-value transactions of Rs1.5 billion were handled by the RTGS, which then added up to Rs347 trillion.