The use of plastic money, including credit and debit cards, has shown modest growth in recent months, but the overall payment cards in circulation surged to over 46.2 million by the end of September 2021.
These payment cards comprise 64 percent debit cards, 22 percent social welfare cards, 10 percent ATM-only cards, four percent credit cards, and 0.3 percent prepaid cards.
From July to September 2021, consumers made transactions of Rs. 2 trillion through ATMs, Rs. 150 billion through Point-of-Sale (POS) systems, and Rs. 46.8 billion through Apps and websites of various e-commerce stores of local and foreign origins.
These cards have been issued by banks through various global and local payment switches including Visa Inc, MasterCard, UnionPay, and PayPak.
This growth was spurred by an increase in the number of payment cards as customers returned to shopping centers, malls, and restaurants for purchasing goods and services.
The number of ATMs surged to 16,546 and POS stood at 79,134 by the end of September. The digital adoption by merchants, however, showed mixed signs of growth.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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