Pakistan’s credit card market recorded an unusual surge in Q1 FY26, with ATM transaction values rising more than fivefold.
A Gallup Pakistan Digital Analytics review said cards in circulation jumped from 2.2 million at end-FY25 to 3.1 million by September 2025. It described the addition of about 900,000 cards as 44 percent growth in three months.
Gallup described it as Pakistan’s largest quarterly increase on record. The analysis said it exceeded total net growth during the previous six years. The card base reportedly rose from 1.6 million to 2.2 million during that period.
SBP Data Confirms Sharp Rise in ATM Use
State Bank of Pakistan data confirms a major rise in credit card activity from July to September 2025.
ATM transaction value climbed from Rs3.5 billion in the previous quarter to Rs19.1 billion. This equals a 5.5-fold increase and explains reports describing the movement as nearly sixfold.
Transaction volume rose from about 200,000 to 1.1 million. Point-of-sale payments reached 28.8 million transactions worth Rs260.9 billion.
E-commerce added six million transactions worth Rs50.9 billion. Overall, credit cards handled about 35.9 million ATM, retail and online transactions during the quarter.
SBP reported 61.3 million payment cards in circulation. Debit cards represented 90 percent, while credit cards accounted for only 4 percent.
Official Figures Create a Reporting Puzzle
The reported 44 percent quarterly increase requires clarification.
SBP’s Q1 FY26 review lists 3.1 million credit cards but marks the figure as 9 percent higher than the preceding quarter. That suggests the end-June base stood near 2.8 million, rather than 2.2 million.
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The gap could reflect revised data, different year-end series or a change in product classification. SBP has not publicly explained it.
Gallup Pakistan director Bilal Gilani highlighted the uncertainty in a LinkedIn post. “What’s not clear yet is why,” he wrote while seeking views from banking professionals.
No major bank or fintech announced a nationwide campaign matching a 900,000-card increase during that quarter.
Bank of Punjab Expansion Offers Possible Clue
Gilani later said information shared with him suggested Bank of Punjab had issued more than 1.1 million cards in recent years. He also said it held about one-third of the credit card market.
Separate reporting in November 2025 placed BoP’s active credit card portfolio above 937,000 cards. Recent coverage has also described it as Pakistan’s largest issuer.
BoP entered the market through a Mastercard partnership in 2022. It later expanded programmes for consumers, businesses, farmers and small enterprises.
Its 2025 annual review reported strong growth in Kissan Card, Livestock Card and Karobar Card programmes. Card-related fee income also increased by Rs1 billion.
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Some government-backed products include debit or specialised financing cards. Their classification could affect comparisons across reporting periods.
The movement may involve a portfolio addition, delayed reporting, reclassification or new credit-based products. Until SBP explains it, the ATM surge remains clear, but the claimed 44 percent card growth needs caution.
