In a decisive move towards economic modernization, the Government of Pakistan is accelerating its efforts to transition the country toward a cashless economy through the broader adoption of digital payment systems. Federal Minister for Finance, Senator Muhammad Aurangzeb, chaired a high-level meeting at the Finance Division aimed at formulating strategies to increase the accessibility and usage of digital payment solutions across Pakistan’s economic landscape.
The meeting convened senior representatives from across Pakistan’s financial ecosystem, including commercial banks, development finance institutions (DFIs), financial regulators, and investment experts. This committee, formed under the direction of the finance minister, is tasked with shaping forward-looking recommendations to reduce the economy’s reliance on cash and foster a digitally inclusive financial infrastructure.
At the heart of the discussion were practical policy measures intended to drive digital adoption at scale. The stakeholders agreed that widespread availability and accessibility of digital payment systems is critical for catalyzing this transformation. This includes embedding digital payment capabilities across key sectors such as retail, services, and public sector transactions.
A core point of consensus was the necessity to rebalance the existing incentives that currently favor cash-based transactions. Participants advocated for measures that would make digital transactions more affordable and attractive for both consumers and merchants. This includes addressing infrastructure costs such as merchant acquisition fees and digital service charges—barriers that disproportionately impact small and underserved businesses.
One of the focal technologies identified was Raast, Pakistan’s instant payment system, which offers a framework for seamless and secure transactions. The group emphasized the importance of building broad-based interoperability among banks, fintechs, and digital wallets to ensure greater user flexibility and trust in digital platforms. Encouraging the adoption of Raast among small merchants and within government services was highlighted as a key priority.
Finance Minister Aurangzeb endorsed the committee’s recommendations and reiterated the centrality of digitalization to Pakistan’s economic future. He noted that promoting digital payments would not only enhance financial transparency and operational efficiency but also foster financial inclusion and long-term economic resilience.
“Digitalization is the foundation of a modern financial system,” stated Aurangzeb. “We must move with urgency and coordination to create a payments environment that is inclusive, interoperable, and focused on ease of use for every Pakistani citizen.”
He also underscored the need for cohesive policy alignment across institutions and urged the use of technology to simplify access to financial services for individuals and small businesses. The broader goal, according to the finance minister, is to create an economy that is less cash-dependent, more transparent, and better integrated into the global digital financial ecosystem.
The session concluded with a directive from the finance minister for the committee to submit a time-bound and actionable roadmap for implementing the discussed strategies. This roadmap will be submitted to the Finance Division to guide policy and regulatory steps in the coming months.
Pakistan’s pivot toward a cashless economy represents not just a technological upgrade, but a structural transformation aimed at fostering transparency, efficiency, and inclusive growth in the digital age.