Southern Asia · GDP rank #33
Pakistan
PK · PKR @ 0.0036/USD
Tab 03
Rails & infrastructure
The instant rail, the RTGS spine, the card switch, the direct-debit scheme, and the country's CBDC stance. Each rail is reported with operator, launch year, and 2024 flow so the relative scale across rails is readable at a glance.
CBDC status is deliberately granular: live, pilot, preparation, live stalled, and sceptical, no pilot are different things.
Digital Rupee
Target · pilot 2026-27
SBP announced intention to launch a digital rupee in 2023 with pilot originally targeted for 2025; IMF EFF review and competing priorities have pushed timelines. No working pilot as of May 2026.
Instant payments
Raast
The instant leg typically carries the vast majority of retail consumer flow in modern payment systems — and sits in direct tension with card networks and wallets for the same transactions.
Raast launched 2021 with P2B; P2P added January 2022; bulk payments added 2024. Cumulative value crossed Rs50 trillion in 2025; user base reached ~48 million. Government-payments mandate completes end-FY26.
- Operator
- State Bank of Pakistan (SBP)
- Live since
- 2.0k
- Per-txn limit
- 1,000,000 PKR
- Fee per txn
- P2P free to consumers; merchant fees capped
Cleared value · 2024
Participating institutions
RTGS
PRISM (Pakistan Real-time Interbank Settlement Mechanism)
The RTGS spine clears high-value interbank flow — including the settlement of the instant-rail cycles and card-network net positions. Transaction count is modest; cleared value is enormous.
- Operator
- State Bank of Pakistan (SBP)
Transactions · 2024
Cleared value · 2024
Card switch
1LINK
1LINK is an 11-bank consortium operating ATM switching, PayPak scheme and domestic card clearing; works in parallel with Raast.
Source · 1LINK
Direct debit
1LINK Direct Debit (Bill Payment + BBFS)
Direct debit is the boring rail that carries recurring subscriptions, utilities, and payroll pull-payments. It is routinely the largest single channel by count after cards.
Transactions · 2024