ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said Pakistan’s transition towards a cashless economy through digital payments would promote transparency, strengthen the financial system and support sustainable economic growth.
Chairing a meeting on the promotion of a cashless economy and digital payments, the prime minister reviewed progress made over the past year and praised the economic team’s performance, saying measures taken to expand the digital economy were producing encouraging results.
He welcomed a 300% increase in the number of active merchants accepting digital payments through QR codes over the past year and directed authorities to intensify awareness campaigns to encourage more traders and businesses to adopt digital payment methods.
The prime minister noted that the number of mobile banking app users had increased from 95 million to 137 million within a year, describing it as a significant milestone. He urged banks and financial institutions to play a more proactive role in accelerating Pakistan’s shift towards a cashless economy.
Shehbaz also instructed authorities to make 100% of overseas remittances digitally processed and appreciated the digitalisation of payments under the Benazir Income Support Programme (BISP), saying it had made the system more transparent, faster and easier for beneficiaries.
Officials informed the meeting that between June 2025 and June 2026, the number of active merchants receiving digital payments had risen by 300% to 2.003 million.
The meeting was told that 99% of NADRA’s payments are now processed digitally, while the share of cash transactions has fallen from 71% to just 1%.
According to the briefing, all payments to 10 million BISP beneficiaries are now being made through digital wallets, while the number of mobile banking app users across the country has reached 137 million.
Officials further said that 11.9 billion digital transactions were recorded between July 2025 and June 2026, while 92% of overseas remittances received during the last year were transferred through digital channels.
The meeting was informed that third-party validation of Pakistan’s cashless economy initiative is under way, with a final report and recommendations expected in November 2026.
It was also noted that the Pakistan Banks’ Association has assigned targets to member banks to expand digital payments through platforms including Raast, the country’s instant payment system.
The meeting was attended by federal ministers Ahsan Iqbal Cheema, Muhammad Aurangzeb, Attaullah Tarar, Shaza Fatima Khawaja, Ali Pervaiz Malik, Minister of State for Finance Bilal Azhar Kayani, State Bank Governor Jameel Ahmad, the NADRA chairman and senior officials from relevant institutions.
