The State Bank of Pakistan (SBP) has launched a major initiative to simplify digital payments for traders and small businesses. This effort aims to accelerate Pakistan’s shift toward a cashless economy and improve financial transparency. The plan was discussed in detail during a high-level meeting on Thursday focused on cashless and digital economy strategies.
To steer this transformation, three specialized committees have been formed: the Digital Payments Innovation Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee. These groups presented comprehensive proposals to digitize various transactions, including tax payments, government services, and everyday business sales.
Prime Minister Shehbaz Sharif emphasized the importance of digital payments in driving economic growth and transparency. A new facilitation package will soon be introduced, designed to support small traders in adopting mobile payment apps and QR code systems. The package will offer training, subsidies for payment devices, and simplified account registration.
Ambitious targets have been set for the expansion of digital payments. The number of mobile app users is expected to rise from 95 million to 120 million. Meanwhile, merchants using QR codes will increase from 0.9 million to 2 million. The overall value of digital transactions is projected to grow from Rs7.5 billion to Rs12 billion.
Alongside payment reforms, the government is advancing digital projects nationwide. The Islamabad City app has recorded 1.3 million downloads and helped collect Rs15.5 billion in taxes. Work is also underway on the Digital Pakistan ID system and citywide Wi-Fi access at hospitals, parks, government offices, and metro bus routes. The prime minister directed that these initiatives be extended to Azad Jammu & Kashmir and Gilgit-Baltistan to ensure inclusive digital growth.