KARACHI: Pakistan’s move towards a cashless economy is a continuation of a decade-long plan to digitize financial services, according to State Bank of Pakistan Deputy Governor Saleemullah. He stated that the digital payment agenda is now entering an essential phase under the leadership of Prime Minister Shehbaz Sharif.
Saleemullah emphasized that the initiative aligns with the State Bank’s efforts to create a secure, efficient, and cost-effective digital payment system, with the goal of making digital payments accessible across all sectors, from large retail chains to small businesses.
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The deputy governor outlined several national targets, including increasing the number of active digital merchants to two million by FY2025-26, growing mobile and internet banking users from 95 million to 120 million, and doubling digital payment transactions to 15 billion annually. Another key objective is routing 100 percent of overseas remittances into bank accounts or mobile wallets, aiming to eliminate cash payouts.
He stressed that the success of a cash-lite Pakistan depends on public trust, noting the central bank’s efforts to implement strong digital fraud prevention systems and hold financial institutions accountable for fraud. While digital fraud remains low in Pakistan compared to advanced economies, Saleemullah assured that further steps would be taken to bolster consumer protection and awareness.
The initiative is led 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 praised the government’s focus, noting the potential for national development if digital transformation is effectively implemented.
The committee’s immediate priorities include the digitization of payments under the Benazir Income Support Programme (BISP), with over 1.73 million active mobile wallets linked to beneficiaries. Efforts are also underway to integrate RAAST, the national payment system, and enhance biometric verification for recipients.
