PM Shehbaz urges faster transition to cashless economy

Prime Minister Shehbaz Sharif on Monday directed authorities to accelerate efforts to transform Pakistan into a cashless economy, stressing that the shift to digital finance is critical for transparency, improved governance, and sustainable growth.

Chairing a review meeting, the prime minister instructed all concerned ministries to intensify public awareness campaigns, particularly in rural areas, to phase out the traditional cash-based system. He said the world was rapidly adopting digital economies and Pakistan must move in step with global trends.

Officials briefed the meeting that payments for electricity and gas bills were now being facilitated through RAAST QR codes, enabling billions of rupees in digital transactions. The meeting was also informed that 10 million digital wallets under the Benazir Income Support Programme (BISP) would be activated by the end of the month, allowing the next tranche of financial assistance to be transferred electronically.

It was further reported that government service apps in Islamabad had been linked with the RAAST system, while business licensing and retail payments had been integrated with digital payment facilities and QR codes.

The government has also started issuing licenses for digital banks across the country. Officials said financial inclusion had reached over 68 percent of the population, with further expansion expected next year.

The prime minister commended the Ministry of Finance, Ministry of IT, State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), and other relevant institutions for their progress on the cashless economy roadmap. He directed that all targets be achieved within the stipulated timelines.

Shehbaz noted that his government had prioritized digitalization from the outset, with recent measures now showing positive results. He cited the first digital transfer of financial assistance to BISP beneficiaries during Ramazan as a key milestone.

The meeting was attended by Federal Ministers Muhammad Aurangzeb, Ahad Khan Cheema, Attaullah Tarar, Shaza Fatima Khawaja, Minister of State Bilal Azhar Kayani, SBP Governor Jameel Ahmed, NADRA Chairman Lt. Gen. Muhammad Munir, FBR Chairman Rashid Langrial, and other senior officials.