TPS Worldwide Group CEO Shahzad Shahid has highlighted the need for deeper everyday adoption of digital payments in Pakistan, noting that the country has made significant progress in developing its digital financial infrastructure but still has substantial room to reduce reliance on cash. Speaking at the Future Banking Summit 2026, Shahid delivered the opening keynote on the evolution of Pakistan’s banking and payments ecosystem and discussed the factors that could shape its next phase of growth. He pointed to platforms including Raast, 1LINK IBFT and 1BILL, which are experiencing growing transaction volumes as digital financial activity expands. At the same time, around PKR 12 trillion remains in circulation as cash, while the average Pakistani reportedly makes approximately 30 digital transactions annually. Shahid said these figures indicate that the country has established important digital payment rails, but the next challenge is encouraging consumers and businesses to use them more frequently in their everyday financial activities. The discussion reflects a broader shift in Pakistan’s payments sector, where the focus is increasingly moving from building digital infrastructure toward increasing its practical use across different consumer and merchant segments.
Shahid highlighted several areas where digital payment adoption could expand further, particularly sectors and use cases that have traditionally relied heavily on cash. Agriculture and cattle markets were identified as examples where digital payment solutions could potentially increase transaction efficiency and reduce dependence on physical cash. E-commerce was another area highlighted during the keynote, particularly the opportunity to move more transactions away from cash-on-delivery toward digital payment methods. Shahid also pointed to women and younger consumers as important segments for developing more relevant everyday digital payment use cases. Digital wallets and fintech companies are already contributing to this transition by simplifying access to financial services, improving customer journeys and bringing smaller merchants into the digital ecosystem. As payment services become easier to access and use, they can support greater participation among consumers who may have previously had limited interaction with formal financial channels. For merchants, broader acceptance of digital payments can provide additional ways to receive money while reducing the operational dependence on cash. The comments at the summit therefore placed consumer behaviour and merchant adoption alongside infrastructure development as important elements in the continued expansion of Pakistan’s digital payments market.
The keynote also addressed how payments can serve as an entry point into broader financial services. As customers begin using digital payment channels more frequently, their interactions with financial institutions and fintech platforms can potentially extend beyond transactions to products such as credit, investments and insurance. This creates an opportunity for payment providers and financial institutions to develop more connected financial experiences around customers’ existing payment activity. Shahid also noted that Pakistan’s financial services market needs to account for the growing importance of Islamic banking and Islamic finance. Alongside these developments, he highlighted emerging technologies that could influence the future of financial services. Artificial intelligence is becoming an area of interest for financial institutions, particularly in relation to developing more intelligent banking systems while maintaining control over institutional data. Programmable money and digital currencies could also introduce new ways of issuing, transferring and integrating value into financial services. These technologies remain part of an evolving financial technology landscape, with their eventual applications depending on regulatory frameworks, infrastructure and market adoption. The discussion demonstrates that the future of banking is not limited to increasing transaction volumes but also involves developing new ways for financial services to interact with consumers and businesses.
For TPS Worldwide, the developments discussed at the Future Banking Summit build on its longstanding involvement in digital payments and financial technology. The company said it has worked for years on digital payment infrastructure, supporting banks and financial institutions in delivering electronic payment services and bringing experience from international markets into Pakistan. The remarks at the summit emphasized that the country already has several key components of a digital financial ecosystem, but greater usage across everyday transactions remains an important area of opportunity. Moving more activity from cash to digital channels will require payment solutions that are convenient, accessible and relevant to the needs of different consumers, businesses and industries. It will also require continued development of merchant acceptance, digital wallets, financial applications and payment infrastructure. Shahid’s keynote ultimately focused on the transition from having digital payment rails in place to making digital payments a more routine part of economic activity. With platforms such as Raast, 1LINK IBFT and 1BILL continuing to support electronic transactions, the discussion at Future Banking Summit 2026 highlighted consumer and merchant adoption as a key part of Pakistan’s evolving payments ecosystem.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
