Kayani urges banks to accelerate ‘Cashless Pakistan Initiative’

KARACHI: Minister of State for Finance, Bilal Azhar Kayani, visited the Pakistan Banks Association (PBA) head office in Karachi to meet the presidents, chief executive officers and chief digital officers of banks regarding the Prime Minister’s Cashless Pakistan Initiative. Officials of the State Bank of Pakistan (SBP), the CEO of Raast and officials of Karandaaz also attended the meeting.

The Minister briefed the banking executives on the progress achieved under the initiative, including increased adoption of digital payments and the digitisation of government payments. He outlined the targets set for fiscal year 2026 and highlighted the significant progress made towards achieving them.

He encouraged banks to play a more active role in advancing the Prime Minister’s Cashless Pakistan Initiative and promoting wider adoption of digital payments. He also outlined the steps taken by the government to support this effort, including the Raast QR subsidy to subsidise merchant discount rate (MDR) charges. He informed the forum that the Prime Minister had decided to continue the subsidy to maintain momentum in digital payments adoption.

The Minister further informed participants that the Prime Minister’s Cashless Committee was working to sharpen its focus and refine its targets, including through the adoption of new indicators and the setting of new targets, to accelerate the digitisation of payments. He invited the banking executives to share their views and suggestions on achieving better outcomes in Pakistan’s cashless journey.

The Minister directed the State Bank of Pakistan to hold detailed consultations with banks’ chief digital officers, together with the CEO of Raast and Karandaaz, to develop concrete recommendations for the Prime Minister’s Cashless Committee. The consultations will focus on improving the user experience across digital payment methods, including QR payments, and finalising practical suggestions to support wider adoption.

The Minister of State for Finance also appreciated the role played by Karandaaz in supporting the Prime Minister’s Cashless Pakistan Initiative.

The Minister thanked PBA for hosting this important discussion and said he looked forward to holding further discussions with banks at PBA in the coming months on the Cashless Pakistan Initiative.

The Pakistan Banks Association thanked the Minister for visiting its head office in Karachi and holding the session. PBA appreciated the Prime Minister’s and the government’s focus on the Cashless Pakistan Initiative and affirmed the banking sector’s commitment to playing its role in achieving this national objective.

Copyright Business Recorder, 2026