Government Pushes Digital Payments for Cashless Economy

The government is expanding digital payment options nationwide to reduce reliance on cash. This move aims to enhance financial transparency, improve transaction efficiency, and support the transition to a cashless economy. By increasing accessibility and infrastructure for digital transactions, the initiative seeks to foster broader financial inclusion and economic modernization.

A minister-led special committee convened to deliberate on actionable strategies for accelerating the adoption of digital payments and decreasing reliance on cash transactions. The discussions centered on enhancing accessibility to digital financial services across retail, service, and public sectors, improving affordability for small merchants and underserved communities, and strengthening interoperability through platforms like the Raast instant payment system. The committee reached consensus on a set of recommendations aimed at promoting financial inclusion, reducing transaction costs, and making digital payments more attractive and viable for both consumers and businesses.

Minister Aurangzeb welcomed the committee’s proposals, underscoring the critical role of digitalization in driving Pakistan’s economic modernization and fostering greater transparency, efficiency, and inclusion in financial transactions. He emphasized the need for a cohesive national approach involving alignment among policymakers and implementation bodies to ensure effective execution.

The minister concluded the meeting by directing the committee to formulate a detailed, time-bound implementation roadmap. This roadmap will be submitted to the Finance Division for policy consideration and is expected to serve as a cornerstone in building an inclusive, interoperable, and citizen-friendly digital financial ecosystem across the country.