Cashless Economy Key to Pakistan’s Sustainable Growth: PM

ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday said that the ongoing efforts to transition towards a cashless economy would play a crucial role in ensuring Pakistan’s sustainable economic growth.

Chairing a high-level review meeting on initiatives for a cashless economy, the Prime Minister emphasized the need to expand public awareness — particularly in rural areas — about the benefits of digital transactions and the formal economy.

“The entire world is rapidly moving toward digital economies, and Pakistan must keep pace,” Shehbaz said, adding that his government had prioritized the country’s transformation into a “digital nation” since day one, which was now yielding positive results.

He noted that for the first time in Pakistan’s history, financial assistance under the Benazir Income Support Programme (BISP) was disbursed through digital wallets during Ramadan, marking a milestone in digital governance.

The Prime Minister said that a cashless economy would significantly improve governance and reduce corruption, instructing all institutions to ensure timely achievement of the defined targets. He expressed satisfaction over the current progress and appreciated the efforts of the Ministry of Finance, Ministry of Information Technology, Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), and other relevant agencies.

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The meeting, held in Islamabad, was attended by Federal Ministers Ahsan Iqbal, Muhammad Aurangzeb, Attaullah Tarar, Shaza Fatima Khawaja, Minister of State Bilal Azhar Kayani, SBP Governor Jameel Ahmad, NADRA Chairman Lt Gen Muhammad Munir Afzal, FBR Chairman Rashid Mahmood Langrial, and other senior officials.

Officials briefed the Prime Minister on progress under his Vision for a Cashless Economy, highlighting that electricity and gas bills were now payable through Raast QR codes, enabling billions of rupees in payments via digital platforms.

The Prime Minister was also informed that one million digital wallets have been created under BISP, which will become fully operational by the end of the month, allowing beneficiaries to receive future installments directly through them.

Further, participants were told that the Islamabad government services app had been integrated with Raast, enabling digital payments for official services. Moreover, new business licenses in the capital are now linked to the digital payment system, and existing shops have been equipped with Raast QR codes for transactions. Licenses for establishing digital banks are also being issued to promote financial inclusion.

The meeting was told that financial inclusion has already reached 68 percent of the population, with plans to expand coverage further in the coming year.

Concluding the session, Prime Minister Shehbaz Sharif expressed satisfaction over the pace of progress and directed all institutions to meet the defined targets within the stipulated timeframe, reaffirming the government’s commitment to building a modern, transparent, and digitally empowered economy.