Prime Minister Shehbaz Sharif has urged banks and financial institutions to take a leading role in expanding digital payment systems as Pakistan moves toward a cashless economy.
Chairing a high-level review meeting in Islamabad, the prime minister appreciated the progress made over the past year in promoting digital transactions and instructed relevant authorities to intensify awareness campaigns encouraging businesses to adopt QR code-based payment solutions.
He also directed that all overseas remittances should be routed through digital channels. In addition, he praised the digitization of payments under the Benazir Income Support Programme (BISP), stating that digital wallets have made the system more transparent, efficient, and convenient for beneficiaries.
During the meeting, officials briefed the prime minister on key developments in Pakistan’s digital financial ecosystem. They reported that the number of mobile banking application users has increased from 95 million to 137 million over the past year.
Officials further revealed that the number of merchants accepting digital payments has grown by 300 percent, reflecting the rapid expansion of cashless payment infrastructure across the country.
They also informed the meeting that 10 million BISP beneficiaries are now receiving financial assistance through digital wallets, while 92 percent of overseas remittances received during the last year were transferred using digital channels.
Authorities added that an independent third-party evaluation of the government’s cashless economy initiative is currently underway. The assessment report, along with recommendations for further improvements, is expected to be submitted in November.
