Islamabad: In a bid to promote cashless transactions and enhance transparency in the economy, the State Bank of Pakistan (SBP) is formulating a comprehensive strategy to simplify digital payment methods for traders, according to a statement released by the Prime Minister’s Office (PMO) on Thursday.
The development was shared during a weekly meeting on cashless and digital economy chaired by Prime Minister Shehbaz Sharif. Officials briefed the prime minister that three key committees — the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee — have been constituted and are actively working on proposals to digitise the economy.
“A digital transaction system is essential to bring transparency to the economy,” Prime Minister Shehbaz said during the session.
The meeting was informed that a facilitation package is being prepared to encourage small businesses to adopt digital payment systems. The government aims to increase the number of mobile app users for digital payments from 95 million to 120 million and expand the number of merchants using QR codes from the current 0.9 million to 2 million. Additionally, the total value of digital payments is projected to grow from Rs7.5 billion to Rs12 billion.
Under the broader ‘Digital National Pakistan’ vision, the Digital Economy Project has been launched to accelerate the country’s digital transformation. The Islamabad City mobile app, which currently provides 15 services, has recorded 1.3 million downloads, contributing Rs15.5 billion in collections under the ICT Excise and Taxation head.
Furthermore, significant progress has been made on the Digital Pakistan ID project, while initiatives are underway to expand Wi-Fi internet services across Islamabad, particularly in hospitals, educational institutions, government offices, public parks, and along metro bus routes.
The prime minister directed that similar facilities should be extended to all federal territories, Azad Jammu & Kashmir, and Gilgit-Baltistan to ensure nationwide digital inclusion.
