Tag: fintech adoption

The Finance Division has drafted amendments to the PS&EFT Act, mandating at least one digital payment mode including QR codes, while the government accelerates digitization across public and provincial departments to strengthen Pakistan’s cashless economy.

Bank Alfalah and Shell Pakistan have launched Raast P2M QR payments at 42 Shell COCO fuel stations, enabling customers to scan and pay through any Raast-enabled banking app, promoting secure cashless transactions and supporting Pakistan’s digital payments transformation.

Karachi’s iconic Bohra Bazaar has transitioned to a cashless ecosystem powered by JazzCash, with hundreds of merchants now using QR-based payments for safer and faster transactions. The initiative promotes financial inclusion, empowers small businesses, and marks a key milestone in Pakistan’s digital transformation journey.

Prime Minister Shehbaz Sharif has hailed the launch of digital wallets under the Benazir Income Support Programme as a landmark initiative. The move aims to accelerate Pakistan’s transition to a cashless economy, improve transparency, reduce corruption, and empower citizens through digital financial access.

The Federal Board of Revenue has capped cash transactions at Rs200,000 for both retail and e-commerce, pushing Pakistan toward digital payments. The move aims to reduce reliance on cash, improve tax compliance, and accelerate the adoption of fintech and digital wallets in line with IMF-backed reforms.

Pakistan’s leading digital wallets, JazzCash and easypaisa, introduce QR code payment systems across cattle markets nationwide, enabling safer and more efficient transactions ahead of Eidul Azha and supporting the country’s shift toward a cashless economy.