Prime Minister Shehbaz Sharif has reaffirmed Pakistan’s commitment to transitioning toward a cashless economy, highlighting its crucial role in fostering sustainable economic growth. Speaking at a high-level meeting in Islamabad on Monday, the Prime Minister stressed the importance of keeping pace with global digital transformation trends, emphasizing that Pakistan’s digitalization efforts are now producing tangible results.
During the meeting, officials briefed the Prime Minister on significant strides in the country’s digital economy initiatives. A major highlight is the development of one million digital wallets under the Benazir Income Support Programme (BISP). These wallets are set to become fully operational by the end of the month, enabling beneficiaries to receive future installments digitally. This move is expected to streamline welfare payments, reduce reliance on cash, and increase transparency in the distribution process.
The meeting also underscored advancements in integrating utility payments with digital platforms. Bill payments for electricity and gas have been linked with the Raast QR code system, allowing consumers to complete transactions digitally rather than through cash payments. This integration marks a critical step toward simplifying everyday financial transactions and promoting wider acceptance of digital payment solutions among Pakistani consumers.
In addition to welfare and utility payments, Islamabad’s government services have been connected to the Raast payment platform via a dedicated mobile application. All new business licenses issued in the capital are now tied to digital payment systems, ensuring that businesses can operate in a more streamlined and transparent environment. Existing retail shops have also been equipped to accept QR code payments, supporting merchants in embracing the cashless economy.
The government is also advancing the licensing of new digital banks to broaden access to financial services across the country. Officials highlighted that 68% of Pakistan’s population is now financially included, reflecting significant progress in digital finance adoption. Prime Minister Shehbaz Sharif directed relevant ministries to accelerate efforts to expand financial inclusion further, emphasizing that achieving cashless economy targets will enhance governance and reduce corruption.
Finance Minister Muhammad Aurangzeb, IT Minister Shaza Fatima Khawaja, State Bank Governor Jameel Ahmad, FBR Chairman Rashid Mahmood Langrial, and senior officials from NADRA and other departments attended the meeting, signaling a strong inter-agency focus on digital economy reforms.
Pakistan’s push toward digital payments, particularly through BISP’s digital wallets and the Raast system, represents a strategic effort to modernize the country’s financial infrastructure. By promoting digital transactions for both citizens and businesses, the government aims to create a more efficient, transparent, and inclusive economy, aligning Pakistan with global trends in financial technology and digital governance.
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