Pakistan’s digital payment agenda actively advanced: Deputy Governor SBP
Pakistan’s decade-long journey toward a
cashless economy is now entering a crucial stage, according to State Bank of
Pakistan (SBP) Deputy Governor Saleemullah. The digital payment agenda is being
actively advanced under the leadership of Prime Minister Shehbaz Sharif.
Saleemullah highlighted that the initiative
is part of the SBP’s efforts to build a secure, efficient, and cost-effective
digital payment ecosystem, extending accessibility from large retail chains to
small businesses nationwide.
Read More Pakistan
makes significant progress toward a cashless economy
Key targets for the coming years include:
* Expanding the number of active digital
merchants to two million by FY2025-26.
* Growing mobile and internet banking users
from 95 million to 120 million.
* Doubling annual digital payment
transactions to 15 billion.
* Channeling 100% of overseas remittances
into bank accounts or mobile wallets, reducing reliance on cash payouts.
The deputy governor stressed that public
trust is essential for a successful cash-lite Pakistan. To this end, the SBP is
strengthening digital fraud prevention systems and holding financial
institutions accountable. While Pakistan’s digital fraud levels remain low
compared to advanced economies, additional measures are planned to enhance
consumer protection and awareness.
Read More ADB
calls for imposing 5% GST on digital transactions in Pakistan
The initiative is overseen by a steering
committee chaired by the Prime Minister, with subcommittees focused on cashless
payments, digital infrastructure, and government transactions. Industry
leaders, including Jazz CEO Aamir Ibrahim, have welcomed the government’s
efforts, emphasizing the potential for national development through effective
digital transformation.
Immediate priorities include digitizing
payments under the Benazir Income Support Programme (BISP), where over 1.73
million active mobile wallets are already linked to beneficiaries. Plans are
also underway to integrate RAAST, the national payment system, and improve
biometric verification for recipients.
Source: Profit Pakistan