Pakistan is moving toward a cashless economy, with all federal, provincial, local government, and state-owned enterprise payments set to be digitised by June 2026. The update was shared with the National Assembly Standing Committee on Finance and Revenue on Thursday.
State Bank of Pakistan (SBP) Governor Jameel Ahmad briefed lawmakers on the country’s digital payments progress, highlighting that 88% of retail transactions are already conducted digitally. He noted that Pakistan’s infrastructure currently supports 226 million accounts and 46 million RAAST IDs, and efforts are underway to enhance transaction value and strengthen security. Upcoming measures include a new bank liability framework and a two-hour transaction cooling-off period to curb fraud.
Mr. Ahmad also pointed to milestones such as the launch of Mashreq Bank’s digital operations in Pakistan within just 12 months — far quicker than the global five-year average. He revealed that five new digital banks have been granted initial approval to operate in the country, further boosting innovation.
While acknowledging hurdles like low financial literacy and regulatory gaps, he reassured the committee that the SBP remains committed to building an inclusive and secure payments ecosystem.
Committee Chairperson MNA Naveed Qamar stressed the importance of expanding digital wallets, particularly for social protection programs, to replace branchless banking and give citizens more flexible access to funds. Minister of State for Finance Bilal Azhar added that the prime minister’s cashless initiative is being steered by three subcommittees focused on adoption and innovation in digital payments.
Separately, Governor Ahmad inaugurated the JazzCash Experience Lounge, showcasing new payment technologies such as facial recognition, palm verification, QR-based payments, and wearables. He said these innovations underline the momentum of Pakistan’s shift to a digital-first economy.
