ISLAMABAD: Prime Minister Shehbaz Sharif on Monday intensified his push for a cashless economy, declaring it crucial for the country’s economic future and a key weapon against corruption, with a blunt call to action: “The future is digital. Let’s get it done.”
Chairing a review meeting on the country’s cashless economy initiatives, the prime minister emphasized that the world is rapidly shifting to a digital economy and that Pakistan must align itself with these global trends. He called for a no-holds-barred campaign to penetrate rural areas, where the grip of cash still runs deep, stressing that the clock is ticking for a digital revolution to take hold across the country.
“The world is moving towards a digital economy […] Pakistan cannot afford to be left behind,” he said, underscoring that his government had made this transition a priority from the outset.
PM Shehbaz launches 10mn digital wallets for Benazir Income Support Programme
He highlighted the government’s progress, including the milestone achievement of digitally disbursing financial aid to millions of families through the Benazir Income Support Programme (BISP) during Ramadan last year.
This shift, he argued, marked the beginning of a broader societal transformation – one that would leave behind the old ways of cash handouts and corruption.
The prime minister insisted that moving to a cashless system would not only modernise the economy but also help curb endemic corruption, an issue that has long plagued the country’s financial systems. “A cashless economy means cleaner governance,” he declared, pushing relevant departments to meet deadlines and step up the pace of implementation.
Sharif praised the Ministry of Finance, the Ministry of IT, the Federal Board of Revenue (FBR), and the State Bank of Pakistan (SBP) for their progress thus far.
However, he made it clear that “there is no room for complacency. We need to accelerate our efforts,” stressing that the government must push forward with urgency as it rolls out its ambitious digital economy blueprint.
In a briefing to the prime minister, officials outlined key developments, including the integration of QR code payments for utility bills, such as electricity and gas, enabling billions of rupees to be transacted digitally. They also briefed the prime minister on the rollout of 10 million digital wallets under the Benazir Income Support Programme (BISP). By the end of the month, they confirmed, all wallets will be activated, paving the way for the next tranche of financial assistance to be disbursed digitally.
Sharif also highlighted that government services in Islamabad would soon be linked to the Raast system, and business registrations are now tied to digital payments, allowing for a more streamlined, tech-driven process.
The official said that QR codes are also now available for payments at retail outlets across the country – a move that will no doubt further push Pakistan towards a cashless future.
The meeting was informed that the government is issuing digital banking licences, with over 68 per cent of the population already included in the financial system through digital channels.
However, the prime minister expressed dissatisfaction, calling for even greater financial inclusion by next year. He emphasised the need to ensure that the cashless revolution reaches every corner of the country.
The meeting was attended by key officials, including federal ministers Muhammad Aurangzeb, Ahad Cheema, Atta Tarar, Shaza Fatima, Minister of State Bilal AzharKayani, SBP Governor Jameel Ahmed, NADRA chairman Lt Gen Muhammad Munir, FBR chairman Rashid Langrial, and other senior officers.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.