SBP Developing Simplified Digital Payments to Boost Cashless Economy

The State Bank of Pakistan (SBP) is working on simplified digital payment packages and incentives for small businesses to accelerate Pakistan’s transition to a cashless economy. The development was shared in a high-level meeting chaired by Prime Minister Shehbaz Sharif, where it was revealed that three key committees for the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee have been established to fast-track this transition. Targets discussed include increasing mobile app users engaged in digital transactions from 95 million to 120 million, doubling QR code-enabled merchants from 0.9 million to 2 million, and boosting the volume of digital payments from Rs. 7.5 billion to Rs. 12 billion. The Prime Minister directed all departments to double these benchmarks to accelerate the digital shift. Key initiatives under the “Digital National Pakistan” agenda were also reviewed. These include the rollout of the Digital Pakistan ID project, e-stamping services in Islamabad, and expanded free Wi-Fi access across hospitals, schools, government buildings, parks, and public transport networks. The Prime Minister directed that these digital facilities be extended to the entire federal territory, including Azad Jammu and Kashmir and Gilgit-Baltistan.