Federal Minister for Finance, Senator Muhammad Aurangzeb, chaired a high-level meeting today at the Finance Division focused on advancing Pakistan’s transition toward a digital and less cash-dependent economy. The session brought together key stakeholders from the financial sector, including commercial banks, development finance institutions (DFIs), regulators, and investment experts.
The participants, forming the core of a special committee established by the minister, engaged in a comprehensive discussion on actionable strategies to foster greater adoption of digital payments and reduce reliance on cash in daily transactions. The committee reached consensus on a series of recommendations aimed at expanding access to digital financial services and promoting interoperability among payment platforms, particularly through the Raast instant payment system.
A central theme of the discussions was the need to ensure digital payment options are widely accessible across retail, service, and public sectors. The committee emphasized the importance of creating a level playing field between cash and digital transactions by rebalancing incentive structures to make digital payments more attractive and cost-effective for both consumers and businesses.
Improving the cost structure of digital payment infrastructure, including merchant acquisition and service delivery—especially for small merchants and underserved communities—was identified as a critical priority to enable broader financial inclusion.
Minister Aurangzeb welcomed the committee’s proposals, reiterating that digitalization lies at the heart of Pakistan’s economic modernization efforts. He highlighted the role of digital payments in enhancing financial transparency, boosting inclusion, and increasing operational efficiency across both public and private sectors.
“Digitalization is the foundation of a modern financial system,” said the minister. “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 also emphasized the need for a cohesive national approach, calling for alignment across policy and implementation stakeholders to accelerate progress. Concluding the meeting, the minister directed the committee to develop a detailed and time-bound roadmap for implementing the agreed measures, which will be submitted to the Finance Division for further policy consideration.
The roadmap is expected to serve as a cornerstone in Pakistan’s strategic push towards a more transparent, efficient, and inclusive digital financial ecosystem.
