PM Shehbaz hails progress in digital payments, pushes for faster shift to cashless economy

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Tuesday appreciated his economic team for the remarkable gains made in expanding digital payment systems and moving Pakistan closer to a cashless economy over the past year, saying the growing use of digital transactions would strengthen transparency, widen financial inclusion, and contribute to stable and sustainable economic growth.

While chairing a high-level meeting on digital payments and the cashless economy initiative, the premier praised the authorities for recording a 300% increase in the number of merchants accepting QR code-based payments over the last 12 months.

He also described the expansion in mobile banking users—from 95 million to 137 million—as a major accomplishment in the country's digital transformation.

Calling for greater momentum, PM Shehbaz directed the relevant departments to expand awareness campaigns so that more businesses adopt QR code payment facilities.

He also urged banks and financial institutions to take stronger measures to accelerate Pakistan's shift towards a fully digital payment landscape.

The prime minister further directed that all remittances sent by overseas Pakistanis should be received through digital channels to improve efficiency and transparency.

He also welcomed the transition of the Benazir Income Support Programme (BISP) to a digital payment mechanism, saying the new system offers beneficiaries a faster, more transparent and more convenient method of receiving financial assistance.

During the briefing, officials informed the meeting that the number of merchants receiving digital payments had risen by 300% between June 2025 and June 2026, reaching 2.003 million.

They added that 99% of payments made through the National Database and Registration Authority (NADRA) have now been digitised, while the share of cash payments has dropped sharply from 71% to just 1%.

The meeting was also told that payments to all 10 million beneficiaries of the BISP are now being transferred through digital wallets.

Meanwhile, the total number of mobile banking application users has climbed to 137 million.
Officials further shared that Pakistan recorded 11.9 billion digital transactions between July 2025 and June 2026, highlighting the rapid growth in the use of electronic payment platforms across the country.

The meeting was also briefed that 92% of remittances received from overseas Pakistanis during the past year were processed through digital channels.

The prime minister was informed that an independent third-party review of the cashless economy initiative is currently in progress, with the final assessment and recommendations expected to be submitted in November 2026.

Officials also said that the Pakistan Banks' Association has assigned specific targets to member banks to encourage wider adoption of digital payment services, including the RAAST instant payment system.

The meeting was attended by Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Attaullah Tarar, Shaza Fatima Khawaja and Ali Pervaiz Malik, Minister of State for Finance Bilal Azhar Kayani, State Bank Governor Jameel Ahmad, the Chairman of NADRA, and senior representatives of the relevant institutions.