Tag: Pakistan digital payments

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.

Islamabad accelerates its transition toward becoming Pakistan’s first fully cashless model city as authorities expand the Raast QR-code system across all commercial zones, integrating digital payments in markets, transport, and public services to strengthen financial inclusion and modern urban governance.

Bank Alfalah launches Alfa Business, a comprehensive digital payment solution designed to digitise merchant transactions, enhance financial inclusion, and support Pakistan’s shift toward a cashless economy through unified payment tools, business management features, and nationwide Digital Payment Centres.

Pakistan is witnessing rapid growth in digital payments, yet widespread reliance on cash continues to limit nationwide adoption. Despite government initiatives and rising usage among younger consumers, challenges such as low awareness, security concerns, and inconsistent merchant adoption remain major hurdles.

Pakistan’s digital payments ecosystem continues its rapid growth, with a 38% year-on-year increase in transactions, rising digital adoption across retail payments, and expansion of branchless banking agents and QR-enabled merchants nationwide.

State Bank of Pakistan reports that 93 percent of online purchases in FY25 were made via digital wallets and accounts, highlighting major acceleration in fintech adoption and mobile-based payments, with strong growth across e-commerce, POS, and QR-code transactions.

Pakistan has joined the Arab Monetary Fund’s Buna payment platform to enable secure cross-border inflows from overseas Pakistanis. The move aims to accelerate digital remittances and support SBP’s cashless economy target by June 2026.

Visa’s latest Retail Spend Monitor shows record growth in premium card spending in Pakistan, with digital payments surging 110% and travel spend rising sharply during the 2025 summer holiday period.

Pakistan’s fintech company Haball has been featured in the Forbes Asia 100 to Watch 2025 list, recognizing it as one of the most promising and impactful companies in the region. The recognition highlights Haball’s role in reshaping B2B digital payments and driving financial innovation in Pakistan and beyond.

The government has ordered an independent audit of the Cashless Economy Initiative 2025 to evaluate its design, implementation, and impact. The review will assess adoption of Raast, QR payments, and government digitization while recommending improvements to strengthen Pakistan’s digital financial future.

The State Bank of Pakistan has launched PRISM+, its upgraded payment and settlement system based on ISO 20022 standards. The system enhances transparency, interoperability, and liquidity management, aligning Pakistan’s financial infrastructure with global best practices and advancing the country’s digital transformation.

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.