Prime Minister Shehbaz Sharif has reiterated the commitment of the Government of Pakistan to moving toward a cashless economy and underlined that it acts as the main driving element in sustainable economic growth and transparency.

He was chairing a high-level meeting in Islamabad on Monday. During the meeting, he said that Pakistan had given priority to digitalization from the outset; now results were visible.

Integration of Digital Payments in Process

Briefing officials said major progress has been made to end cash initiatives:

Utility bill payments, including those for electricity and gas, are now incorporated into the QR code system known as Raast, which allows consumers to settle their bills online rather than dealing in cash.

More than a million digital wallets were developed under BISP, which will become fully operational by the end of this month and start digital transfers to beneficiaries.

Expansion of Digital Access in Islamabad

The meeting also reviewed Islamabad’s move towards smart governance.

  • Now, a mobile application for government services has integrated the Raast payment platform.
  • All licenses regarding new businesses are linked with digital payment mechanisms.
  • Equipping the already existing shops to accept QR code-based payments has also enabled digital transactions.
  • Licenses have also been issued for new digital banks to extend financial access across the country.

New Milestone for Financial Inclusion

In that respect, the officials said 68% of Pakistan’s population was now financially included, hence marking a big leap in digital finance adoption.

He has called upon all concerned ministries to expedite reforms, achieve targets under the cashless economy well within the set timeline, and extend financial inclusion.

He added that these reforms would bring better governance and reduction of corruption, as cash-based transactions would fall.

Key Attendees

Attendees of the meeting included:

Finance Minister Muhammad Aurangzeb
IT Minister Shaza Fatima Khawaja
State Bank Governor Jameel Ahmad
FBR Chairman Rashid Mahmood Langrial
It was attended by the senior officials of NADRA and other departments.

FAQs

1. What is the Raast QR code system?
Raast is an instant payment system, developed by the State Bank of Pakistan, which allows for secured, swift, and economical digital payments to be made on an interoperable basis.

2. How will a cashless economy help Pakistan?
This would not only reduce corruption and increase transparency, but also make tax compliance easier, thereby documenting the economy, which is facilitative of good governance and growth.

Conclusion

Pakistan’s path to a cashless economy is the sure step in its roadmap towards getting digitally transformed. In fact, with Raast and other government-backed digital wallets and mobile-based governance, it is edging closer to financial transparency, inclusion, and innovation by setting standards that have so far eluded the country’s quest for sustained economic reform.