ISLAMABAD: Pakistan’s Prime Minister Muhammad Shehbaz Sharif on Monday directed the formation of three specialised committees aimed at advancing a cashless economy across the country.
These special sub-committees are the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee.
During a high-level meeting on promoting a cashless economy in Pakistan, Prime Minister Shehbaz Sharif directed the formation of special sub-committees tasked with advancing digital financial systems nationwide.
These committees will provide recommendations to simplify transactions between citizens and businesses, raise awareness of digital payment platforms, operationalize the Pakistan Digital Authority, develop a national digital master plan, and improve government-to-private sector transaction mechanisms.
The Prime Minister underscored the need to make digital transactions more affordable and accessible than cash to encourage public adoption. He also instructed that the RAAST digital payment system be fully implemented at the federal level and across all provinces.
“Establishing a digital transaction system is crucial for bringing transparency to the economy,” the prime minister said, adding that cashless systems are being prioritized in developed and successful economies around the world, and modern technology must be used to implement a robust digital payments infrastructure.
The prime minister noted that funds circulating through the banking system can be used for investment in government development projects.
He also directed the transition of all transactions between the public and private sectors to a cashless model.
During the briefing, the prime minister was updated on progress made toward implementing a nationwide cashless system.
It was highlighted during the briefing that more than 40 million users are currently benefiting from the RAAST digital payment system, with several initiatives underway to further expand its user base.
All financial transactions of the federal government are now being processed through the RAAST platform, and efforts are ongoing to extend its implementation to the provincial level as well.
The briefing also emphasised that fintech plays a vital role in supporting and advancing this digital ecosystem.
It was also informed in the meeting that the Digital Public Infrastructure Committee will function under the leadership of the Federal Ministry of IT, while the Cashless Pakistan Steering Committee has been established within the Prime Minister’s Secretariat.
