ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday chaired a high-level meeting to review measures aimed at advancing Pakistan’s transition to a digital and less cash-dependent economy.
The meeting brought together senior representatives from the financial sector, including commercial banks, development finance institutions, regulators, and investment experts who form the core of the committee tasked with crafting recommendations to support the shift.
Participants discussed key proposals to foster adoption of digital payments and expand access to digital financial services.
The group reached consensus on a series of measures to reduce reliance on cash in everyday economic activity and support wider use of digital transactions.
Participants underscored the need to ensure digital payment options are available across sectors, including retail, services, and public transactions.
They supported steps to promote broad-based interoperability, particularly through the Raast instant payments system, to improve consumer choice.
Creating a more level playing field between cash and digital transactions was also emphasized, including rebalancing incentive structures to make digital payments more attractive and cost-effective for both consumers and businesses.
The group highlighted the need to address cost structures tied to digital transaction infrastructure, such as merchant acquisition and service provision, to support wider outreach, especially for small merchants and underserved areas.
The minister welcomed the committee’s input and said digitalization is central to Pakistan’s economic modernization agenda.
“Increasing the footprint of digital payments will significantly enhance financial transparency, promote inclusion, and improve efficiency in both public and private sector operations,” he said.
He added that moving toward a cashless economy is a practical necessity for long-term fiscal resilience, competitiveness, and inclusive growth.
“Digitalization is the foundation of a modern financial system. We must move with urgency and coordination to create a payments environment that is inclusive, interoperable, and focused on ease of use for every Pakistani citizen,” he said.
The minister also highlighted the importance of using technology to simplify financial access and align policy across stakeholders.
The meeting concluded with a directive from the finance minister for the committee to prepare a detailed and time-bound roadmap for implementation, to be submitted to the Finance Division.
