PM Sharif directs making digital payments cheaper than cash

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday directed authorities to make digital transactions cheaper and easier than cash in an effort to promote a cashless economy in Pakistan.

Chairing a meeting on the topic, the prime minister said cashless systems are being adopted in developed and successful economies, and Pakistan must move in the same direction.

The Prime Minister’s Office said in a statement that three committees will be formed to support the initiative: the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee.

These sub-committees will present recommendations on facilitating payments between the public and businesses, promoting awareness of digital systems, activating the Pakistan Digital Authority, creating a national digital master plan, and enabling transactions between the government and the private sector.

The prime minister also said that modern technology should be used to build a digital system for payments and transactions.

Earlier, a high-level committee was set up to accelerate the country’s transition to a cashless economy and develop digital financial infrastructure.

The prime minister said digitisation is one of the government’s top reform goals and is aimed at reducing the informal economy and improving transparency in payments and fund transfers.

He added that policy steps are being taken to encourage digital transactions and that the federal budget includes proposals to support this shift.