This partnership highlights the companies’ shared commitment to advance Pakistan’s digital financial ecosystem by optimising transactions.
The bank aims to offer Shariah-compliant POS solutions at PSO fuel stations to improve customer experience by offering digital transactions for both fuel and non-fuel purchases. Powered by a FBL partner, AltPay, the system integrated payment acceptance across bank-issued cards, PSO fuel cards, and other digital methods, ensuring real-time transaction visibility.
The collaboration offers greater flexibility and convenience for customers at fuel stations nationwide. Alongside improved payment options, FBL aims to provide better security, efficiency, and transparency in financial transactions. This aligns with its mission of fostering financial inclusion, promoting cashless payments, and contributing to Pakistan’s digital economic growth.
State Bank of Pakistan’s report shows the ongoing transformation of Pakistan's payment landscape towards digital payments.
The retail payments have seen growth in FY24, with the volume of transactions rising from 4.7 billion to 6.4 billion, and the value of these transactions increasing from USD 1.45 trillion to USD 1.97 trillion. This expansion is attributed to the growing number of digital channel users, resulted from the convenience and variety of products offered through mobile banking apps, internet banking portals, and mobile wallets.
Additionally, mobile app banking users increased by 16%, internet banking users by 25%, and e-wallet users by 85% during FY24. The report also highlights the role of digital payments made through mobile banking apps and internet banking portals, which collectively saw a 62% increase in transactions to 1,346 million, with the value of these transactions rising by 74% to USD 252 billion.
The expansion of the POS machine network has also contributed to the growth, with the number of POS machines increasing by 8.9% to 125,593, supporting card-based transactions at a growing number of retail outlets and stores.
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