Key Points
- Active digital-payment merchants rise to 2.03 million from 0.5 million
- Government’s Rs 3.5 billion ($12.6 million) Raast QR subsidy accelerates merchant adoption
- Gates Foundation pledges continued support through Karandaaz
- Government targets deeper digitisation of payments
ISLAMABAD: The Gates Foundation has reaffirmed its support for the Cashless Pakistan initiative and the government’s economic reform agenda, as active merchants using digital payments have increased to 2.03 million from 0.5 million.
A high-level Gates Foundation delegation, led by Anita Zaidi, President of the Gender Equality Division, and Kalpana Kochhar, Interim President of the Global Policy and Advocacy Division, met Minister of State for Finance and Revenue Bilal Azhar Kayani in Islamabad on Thursday to review progress on Pakistan’s digital transformation agenda.
Kayani briefed the delegation on the Cashless Pakistan initiative, launched under the direct supervision of Prime Minister Shehbaz Sharif, and highlighted the rapid expansion of digital payments and merchant adoption of Raast QR, Pakistan’s instant payment system.
The number of active merchants using digital payments has risen to 2.03 million, exceeding the government’s target of 2 million for June 2026. The minister attributed the increase partly to a Rs3.5 billion ($12.6 million) government subsidy for Raast QR, which he said had helped encourage adoption and changes in payment behaviour.
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The minister also briefed the delegation on rising digital transactions, growth in digital banking users and improvements in financial inclusion, particularly a narrowing gender gap in access to financial services.
He said the government remained committed to expanding transparency and efficiency in public payments through greater digitisation.
Gates endorses reform progress
The Gates Foundation delegation endorsed the progress made under the Cashless Pakistan initiative and assured the government of continued support through Karandaaz, a development organisation working to expand financial inclusion and support entrepreneurship in Pakistan.
Beyond digital payments, Kayani outlined the government’s economic reform agenda, stressing the need to document and formalise economic activity to strengthen fiscal sustainability.
He highlighted the newly introduced Asaan Tax Scheme for small traders, which seeks to bring merchants into the formal economy through incentive-based and voluntary registration rather than relying solely on enforcement.
The minister said the government had set ambitious targets for the current fiscal year to accelerate the Cashless Pakistan initiative, including expanding merchant onboarding, digitising government payments and improving the user experience for digital transactions.
He welcomed the Gates Foundation’s continued partnership through Karandaaz and expressed support for potentially expanding cooperation through a strategic partnership framework.
