Visa sees potential in Gen Z to revolutionise digital payments in Pakistan

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KARACHI: Visa Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan region Laila Sirhan told The News that Pakistan’s tech-savvy Generation Z has the potential to revolutionize digital payments across the country. Promoting greater financial inclusion.

Sirhan’s comments came as Visa launched Pakistan’s first student debit card, aimed at addressing the financial needs of Pakistani youth and removing barriers to financial inclusion.

The Meezan Visa Student Debit Card will be offered free of charge to Meezan Easy Student Account holders, providing a comprehensive platform for managing finances while meeting the unique needs of students, ensuring both accessibility and affordability. This accessibility is further enhanced as the card can be conveniently used at ATMs, Point of Sale (POS) terminals and online platforms.

Eligible university students aged 18 to 24 will have access to safe, convenient and beneficial financial services. As more students expand their horizons, enter the workforce, and increase their spending power, their impact on culture, technology, and retail consumption is expected to be significant.

With a population of 253 million, Pakistan offers ample opportunities to expand financial inclusion. According to the State Bank of Pakistan (SBP), currently, the financial inclusion rate is only 21 percent. However, there is room for improvement. The central bank aims to raise this rate to 75 percent by 2028.

Pakistan’s digital landscape is rapidly evolving, and the country is developing a robust digital payments infrastructure to facilitate smooth and secure transactions. State Bank’s Quarterly Review of Payment Systems for the first quarter of FY2025 indicates that 55.6 million payment cards are in circulation, with debit cards accounting for a significant 88 percent of the total.

“We believe that empowering the youth with financial resources is critical to their future success and Pakistan’s overall economic growth,” Sirhan said.

More than 2.4 million students are enrolled in higher education institutions across the country. In addition, 30 percent of the Pakistani population falls within Gen Z, and incidentally, Pakistan has the fifth largest Gen Z cohort in the world.

“According to research we’ve done, Gen Z is less likely than Millennials or Gen X to use cash or shop and pay in person. Gen Z aren’t just digitally savvy, they’re true digital natives. are immersed in digital networking,” added Sirhan.

In 2025, the payments giant is celebrating its 30-year presence in Pakistan since the first Visa card was issued in 1994.

“We appreciate it [SBP] For its ongoing initiatives to establish a strong digital payments infrastructure and its continued commitment to drive financial inclusion,” said Serhan.

The data shows that Pakistani consumers are rapidly adapting to the convenience, security and reliability offered by digital payments. According to central bank data, the number of point-of-sale machines has increased to 120,640.

“We see this as a reflection of increased acceptance in the business community, and we want to expand business acceptance tenfold,” he said. He said, “At Visa, we aim to support SBP’s efforts by working with State Bank to offer innovative payment and acceptance solutions to government, banks, financial institutions, fintechs, and our diverse network of merchants. To do. Fintech, banks, entrepreneurs and governments to support economic growth through our network and expertise.”