KARACHI: Pakistan’s tech-savvy Generation Z has the potential to revolutionise digital payments, fostering greater financial inclusion across the nation, Visa’s senior vice president and group country manager for North Africa, Levant, and Pakistan region Leila Serhan told The News.
The comments from Serhan came as Visa launched Pakistan’s first student debit card, aimed at addressing the financial needs of underserved Pakistani youth and removing key barriers to financial inclusion.
The Meezan Visa Student Debit Card will be offered free of charge to holders of the Meezan Asaan student account, which provides a comprehensive platform for managing finances while catering to 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 gain access to secure, convenient, and rewarding financial services. As more students expand their horizons, enter the workforce, and increase their spending power, their influence on culture, technology, and retail consumption is expected to be significant.
With a population of 253 million, Pakistan presents a substantial opportunity for expanding financial inclusion. Currently, the financial inclusion rate is only 21 per cent, according to the State Bank of Pakistan (SBP); however, there is potential for improvement. The central bank aims to raise this rate to 75 per cent 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. The SBP’s payment systems quarterly review for the first quarter of fiscal year 2025 indicates that there are 55.6 million payment cards in circulation, with debit cards making up a significant 88 per cent of the total.
“We believe that empowering the youth with financial tools is crucial for their future success and for Pakistan’s overall economic growth,” Serhan said.
Over 2.4 million students are enrolled in higher education institutions across the country. Also, 30 per cent 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 conducted, Gen Z are less likely than Millennials or Gen X to use cash or make in-person purchases and payments. Gen Z is not just digitally aware, but real digital natives who have grown up immersed in digital networking,” Serhan added.
In 2025, the payments giant is celebrating its 30-year presence in Pakistan since the first Visa card was issued in 1994.
“We applaud the [SBP] for its ongoing initiatives to establish a robust digital payments infrastructure and its continued commitment to advancing financial inclusion,” Serhan said.
Data indicates that Pakistani consumers are adapting quickly to the convenience, security, and reliability that digital payments offer. According to the central bank data, the number of point-of-sale machines has increased to 120,640.
“We see this as a reflection of increased acceptance amongst the business community, and we aim to further expand this by increasing business acceptance tenfold,” she said. “At Visa, our goal is to support the efforts of the SBP by working with the government, banks, financial institutions, fintech, and our diverse network of merchants to roll out new payment and acceptance solutions.” “As the country becomes more digital, we will continue to collaborate with fintech, banks, merchants and governments to support economic growth through our network and expertise.”
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