Prime Minister Shehbaz Sharif said Pakistan’s transition to a cashless economy will promote sustainable economic growth, improve transparency, and enhance financial efficiency. Chairing a high-level meeting in Islamabad, he praised the government’s progress in expanding digital payments across the country. The initiative is expected to benefit millions of consumers, businesses, and welfare recipients while strengthening the formal economy.
The prime minister commended the economic team for accelerating Pakistan’s shift toward digital transactions over the past year. He directed authorities to intensify awareness campaigns encouraging merchants to adopt QR code-based payment systems. Shehbaz also ordered that all overseas remittances be processed through digital channels to improve transparency and streamline financial flows.
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Officials informed the meeting that mobile banking application users increased from 95 million to 137 million during the past year. The number of merchants accepting digital payments also grew by 300 percent, reflecting wider adoption of cashless transactions. The government described the rapid expansion as a significant milestone in Pakistan’s digital transformation strategy.
The prime minister also welcomed the digitalisation of Benazir Income Support Programme payments, calling the system more transparent, efficient, and convenient for beneficiaries. Officials said payments to 10 million BISP beneficiaries are now made through digital wallets. They added that 92 percent of remittances received during the past year were transferred through digital channels.
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The meeting was informed that an independent third-party validation of the cashless economy initiative is currently underway. The final assessment, including recommendations for further improvements, is expected to be submitted in November. The government aims to build on the initiative by expanding digital financial services and encouraging greater participation in the formal economy.