Research & Publications
Student-led research on Pakistan's financial future, and the people behind it.
Review of the SBP Annual Payment Systems Review, FY 2025–26
The Annual Payment Systems Review, FY 2025–26 effectively documents a period of rapid expansion in Pakistan's retail payments, driven decisively by mobile channels, Raast, and broader merchant acceptance. While the overarching direction of travel toward digital maturity is clear, the report would be significantly strengthened by separating organic behavioral shifts from structural reclassifications and by measuring active infrastructure utilization. With these enhancements, it will serve as an even more robust reference for policymakers, commercial banks, and financial researchers.
“To critically examine Pakistan’s evolving digital payments landscape, assess the findings of SBP’s FY 2025–26 Annual Payment Systems Review, and identify gaps in reporting, measurement, and the evaluation of meaningful digital payment adoption.”
The people behind the papers.
Every paper, with a face next to it.
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Have research to publish?
Students from any university can pitch a paper. The research team edits, reviews and publishes. Every published author gets a profile on nfs.org.pk.