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September 13, 2026The Gates Foundation reaffirmed support for Pakistan’s Cashless Pakistan Initiative through Karandaaz, as digital merchants surpassed 2 million, exceeding June 2026 targets ahead of schedule.
Pakistan’s cashless economy agenda has received a powerful vote of confidence from one of the world’s most influential philanthropic institutions. A high-level delegation from the Bill and Melinda Gates Foundation, led by Dr Anita Zaidi, President of the Gender Equality Division, and Dr Kalpana Kochhar, Interim President of the Global Policy and Advocacy Division, called on Minister of State for Finance and Revenue Bilal Azhar Kayani to review Pakistan’s digital transformation progress and formally reaffirm the Foundation’s continued support through Karandaaz, its not-for-profit financial inclusion partner in Pakistan.
The headline figure from the meeting is striking. Active merchants on digital payment platforms have grown from 500,000 to 2.03 million, already surpassing the June 2026 target of two million.
The scale-up has been partly driven by a Rs3.5 billion government subsidy on Raast QR, the State Bank of Pakistan’s instant payment infrastructure, which has been used as a behavioural change lever to accelerate merchant adoption across the country.
Minister Kayani briefed the delegation on the broader contours of the Cashless Pakistan Initiative, launched under Prime Minister Shehbaz Sharif’s direct supervision.
He highlighted rising digital transaction volumes, growing digital banking users, and improvements in financial inclusion, particularly a narrowing of the gender gap in access to financial services.
Beyond digital payments, the meeting touched on the government’s wider economic formalisation agenda. Kayani outlined the newly introduced Asaan Tax Scheme for small traders, a voluntary, incentive-based registration pathway designed to bring merchants into the formal economy without relying on enforcement alone.
The Gates Foundation delegation endorsed the progress made and responded positively to the potential expansion of the development agenda through a strategic partnership framework, suggesting that Karandaaz’s involvement could deepen further in the months ahead.
The government has set ambitious targets for the current fiscal year under the Cashless Pakistan banner, including deeper merchant onboarding, expanded digitisation of government payments, and improved end-user experience across digital payment platforms.
For Pakistan, the Gates Foundation’s continued backing carries significance beyond funding. Karandaaz has been instrumental in supporting digital financial services, SME lending, and financial inclusion research across Pakistan for over a decade.
Its endorsement of the Cashless Pakistan Initiative provides both institutional credibility and a signal to other development partners that Pakistan’s digital economy reforms are on solid ground.
