In a major step toward reshaping Pakistan’s financial landscape, Prime Minister Muhammad Shehbaz Sharif has directed the establishment of three high-powered committees aimed at accelerating the country’s transition to a cashless economy. The announcement was made during a high-level meeting on digital payments chaired by the Prime Minister, reflecting the government’s growing emphasis on digital transformation as a tool for economic efficiency, transparency, and financial inclusion.
The newly established committees include the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee. These groups are tasked with crafting a cohesive strategy to digitize financial interactions at both public and private levels, while also providing clear policy guidance for expanding the scope and accessibility of digital financial services in Pakistan.
Key mandates of these committees involve developing actionable recommendations to simplify digital transactions between citizens and businesses, enhancing public awareness of digital financial platforms, operationalizing the Pakistan Digital Authority, and drafting a comprehensive National Digital Master Plan. A central aim is to make digital transactions more cost-effective and accessible than traditional cash payments, thereby encouraging faster public adoption.
The Prime Minister specifically underscored the importance of scaling the RAAST payment system beyond the federal level to include provincial implementation. He emphasized that such a move is vital for strengthening transparency and improving economic efficiency across all tiers of government.
“Cashless economies are the backbone of developed and thriving nations,” remarked Prime Minister Shehbaz Sharif. He added that Pakistan’s digital journey must integrate cutting-edge technology to modernize its financial infrastructure and ensure inclusive growth.
Officials at the meeting briefed the Prime Minister on the progress made so far. It was revealed that over 40 million users are currently utilizing the RAAST platform for seamless transactions. All federal government financial dealings are now routed through the RAAST system, with gradual expansion underway to provincial departments.
The importance of fintech as a key enabler of Pakistan’s digital financial ecosystem was also highlighted. The briefing confirmed the operational status of the Pakistan Digital Authority, which is actively spearheading initiatives to bolster the cashless economy agenda.
The Digital Public Infrastructure Committee will operate under the Ministry of Information Technology, which has also launched a steering committee on “Cashless Pakistan” within its secretariat. As part of the pilot Smart Islamabad initiative, the IT Ministry is working to make the federal capital the first cashless city in the country, aiming to set a benchmark for other cities to follow.
The meeting was attended by several senior government officials including Federal Ministers Ahsan Iqbal, Ali Pervaiz Malik, Shaza Fatima Khawaja, Dr. Musadik Malik, as well as the State Bank Governor, FBR Chairman, and high-level representatives from other relevant institutions. Their participation underscores the inter-ministerial coordination required to execute a national cashless transformation at scale.
This policy move marks a significant step in aligning Pakistan’s digital economy goals with global trends and reflects a focused effort to foster inclusive financial growth through digital innovation.
