The government of Pakistan has intensified its efforts to transform the nation into a digitally enabled, transparent, and cashless economy as part of a broader reform agenda aimed at economic stabilization and inclusion. With inflation easing to an average of 5%, policymakers are now shifting focus toward structural changes that support financial digitization, retail modernization, and industrial revival.
At the 5th Pakistan Future of Retail Business Summit and Expo held in Karachi, Advisor to the Finance Minister, Mr. Khurram Schehzad, reaffirmed the government’s commitment to building a resilient and documented economy. Speaking as Chief Guest at the event themed “Retail in a Changing World: Building Resilience in Pakistan’s Commerce,” he highlighted a series of initiatives designed to promote digital inclusion, broaden the tax base, and accelerate Pakistan’s transition toward a cashless financial ecosystem.
Mr. Schehzad emphasized that Pakistan’s consumption-driven economy should be viewed as a strength rather than a limitation. He pointed to the country’s youthful, spending-oriented demographic as a significant driver of economic expansion for both producers and retailers. According to him, government reforms have begun to show results by improving the cost of doing business, stabilizing energy prices, and encouraging industrial output. “Reforms in taxation, energy pricing, and inter-provincial trade are now yielding tangible outcomes,” he said.
Addressing the government’s flagship Cashless Pakistan Initiative, he explained that under the leadership of Prime Minister Shehbaz Sharif and Finance Minister Senator Muhammad Aurangzeb, the state is steering toward a fully digital and documented economy. The initiative aims to unlock over Rs1 trillion in new resources by reducing the size of the undocumented economy by 25%.
Mr. Schehzad elaborated that the Cashless Pakistan Initiative is built on three main pillars: Conversion, Inclusion, and Adoption. These pillars target the digitization of government payments, expansion of financial access to underserved populations, and the widespread adoption of digital payment systems.
Key national goals include scaling up monthly active Raast QR merchants from 500,000 to 2 million and doubling annual digital transactions from current levels to 15 billion by June 2026. Furthermore, the government expects to digitize all public sector payments by December 2026, while expanding internet penetration from 60% to 80% to support these digital goals.
Among notable achievements, Mr. Schehzad mentioned that 10 million new bank accounts have been opened for women beneficiaries under the Benazir Income Support Programme (BISP), a move aimed at deepening financial inclusion. Additionally, Raast QR payments have been rolled out at NADRA offices and select retail outlets, with integration also completed for utility billing, benefiting 12 million consumers.
To further facilitate digital infrastructure growth, the government has eliminated right-of-way charges on internet infrastructure across provinces, reducing deployment costs and improving network accessibility.
“These collective reforms are redefining Pakistan’s economic landscape, laying the foundation for a digitally empowered, inclusive, and growth-oriented economy,” Mr. Schehzad remarked. He added that separating tax policy formulation from revenue collection has enhanced institutional efficiency and governance transparency.
He also urged the private sector to take an active role in advancing digital adoption and export-oriented growth, emphasizing that sustainable development can only be achieved through strong public–private collaboration.
The summit session was moderated by Mr. Rana Tariq Mehboob, Chairman of the Chairstore Association of Pakistan, and attended by key figures from government, banking, and the retail industry who echoed the importance of collective efforts in building a digital future.
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