Pakistan PM orders doubling of digital payment targets to boost cashless economy
The directive comes as authorities aim to increase mobile payment users from 95 million to 120 million, and QR code-enabled merchants from 0.9 million to 2 million. The total value of digital transactions is expected to rise from Rs7.5 billion ($26.9 million) to Rs12 billion ($43 million), according to figures shared in a meeting chaired by Sharif on Thursday. A statement released after the discussions did not provide a timeline for meeting these targets.
Sharif said the targets were not ambitious enough and must be doubled across the board to match the scale of Pakistan's digital transformation agenda.
'A digital transaction system is essential for bringing transparency to the economy,' Sharif said. 'It is an urgent need of the hour to ease payments between citizens and businesses and raise awareness about the use of digital systems.'
Pakistan, a country of over 240 million people, has a vast informal economy and low tax compliance. The government has long identified digitization as a key tool to improve governance, reduce corruption, and expand the country's narrow tax base.
Three committees — the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee — have already been formed to oversee the transition.
At Thursday's meeting, Sharif directed the bodies to present 'workable proposals in collaboration with all stakeholders,' the statement said.
The State Bank of Pakistan is developing strategies to simplify digital transactions for traders, including special incentive packages for small businesses. The government also plans to expand the use of digital mobile apps and improve access to digital public infrastructure.
Sharif was also briefed on new services set to launch soon, including e-stamping, as well as public Wi-Fi expansion across hospitals, schools, parks, government offices and metro lines in Islamabad.
He instructed officials to roll out these facilities across all federal territories, as well as Azad Jammu and Kashmir and Gilgit-Baltistan.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
5 hours ago
- Arab News
Azerbaijan signs $2 billion investment agreements with Pakistan on sidelines of ECO summit
ISLAMABAD: Azerbaijan signed investment agreements worth $2 billion with Pakistan on Friday to boost economic cooperation, said an official statement released in Islamabad, in a major development during Prime Minister Shehbaz Sharif's visit to the Central Asian state for the Economic Cooperation Organization (ECO) summit. The two-day summit, hosted in Khankendi, Azerbaijan, focused on a sustainable and climate-resilient future for the region. In his address, Sharif warned that climate change posed an existential threat to ECO member states, highlighting the impact of melting glaciers, floods, desertification and declining crop yields. He also emphasized more trade, tourism and regional integration to enhance economic prosperity. 'In the presence of Prime Minister Muhammad Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Azerbaijan's Minister of Economy Mikayil Jabbarov signed agreements for $2 billion of investment in Pakistan's economic sector from Azerbaijan,' the PM Office announced in a statement. The agreements were signed following a bilateral meeting between Sharif and Azerbaijani President Ilham Aliyev, with officials hoping for a more detailed agreement during Aliyev's upcoming visit to Pakistan. 'The agreement has elevated investment and trade relations between the two countries to a historic level and will serve as a guarantee for further strengthening their brotherly ties and commercial partnership,' the official Pakistani statement added. It also described the development as a result of sustained engagement between Pakistani ministries and diplomats and their Azerbaijani counterparts over recent months. SIDELINE DIPLOMACY On the sidelines of the summit, Sharif held separate meetings with the presidents of Turkiye, Iran and Uzbekistan, reaffirming Pakistan's commitment to regional cooperation, peace and connectivity. In his meeting with Turkish President Recep Tayyip Erdoğan, both leaders reviewed the full spectrum of bilateral relations and vowed to accelerate progress in critical areas. 'The two leaders reiterated their resolve to bring about meaningful progress in relations... [emphasizing] the importance of deepening cooperation in trade, defense, energy, connectivity and investment,' said a separate handout by the PM Office. To advance this agenda, both sides agreed to exchange high-level delegations to finalize understandings reached between the sides. In another key engagement, the Pakistani prime minister met Iranian President Dr. Masoud Pezeshkian, with both sides reviewing the implementation of previous agreements to strengthen bilateral ties. Sharif praised Iran's leadership during the recent conflict with Israel and welcomed Tehran's decision to agree to a ceasefire. 'The Prime Minister reaffirmed Pakistan's unwavering solidarity with the people and Government of Iran and Pakistan's strong commitment to continue working closely with Iran for peace in the region through dialogue and diplomacy,' the statement said. In his meeting with Uzbek President Shavkat Mirziyoyev, Sharif focused on regional integration, energy cooperation, and the Trans-Afghan Railway Project, which is seen as vital for unlocking trade corridors between Central and South Asia. 'The two leaders agreed on visits of their senior ministers to Tashkent and Islamabad to finalize necessary agreements,' the PMO said, adding that both sides viewed their cultural and historical ties as a strong foundation for broader collaboration.
Arab News
9 hours ago
- Arab News
PM Sharif discusses trade, investment and regional ties with ECO leaders on summit sidelines
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday held a series of meetings with the presidents of Türkiye, Iran, Azerbaijan and Uzbekistan on the sidelines of the 17th Economic Cooperation Organization (ECO) summit in Khankendi, Azerbaijan, reaffirming Pakistan's commitment to regional peace, connectivity and enhanced bilateral trade and investment. The two-day summit, held from July 3-4, focused on promoting economic cooperation, sustainable development and regional integration among ECO member states. Sharif led Pakistan's delegation, using the opportunity to deepen bilateral and multilateral ties with key regional partners. In his meeting with Turkish President Recep Tayyip Erdoğan, the two leaders reviewed the full spectrum of bilateral relations and vowed to accelerate progress in critical areas. 'The two leaders reiterated their resolve to bring about meaningful progress in relations... [emphasizing] the importance of deepening cooperation in trade, defense, energy, connectivity and investment,' a statement from the Prime Minister's Office (PMO) said. To advance this agenda, both sides agreed to exchange high-level delegations to finalize understandings reached between the sides. Sharif reaffirmed Pakistan's 'unwavering commitment' to working closely with Türkiye to promote peace, stability and sustainable development in the region. In another key engagement, the Pakistani prime minister met Iranian President Dr. Masoud Pezeshkian, with both leaders reviewing the implementation of previous agreements to strengthen bilateral ties. Sharif praised Iran's leadership during the recent conflict with Israel and welcomed Tehran's decision to agree to a ceasefire. 'The Prime Minister reaffirmed Pakistan's unwavering solidarity with the people and Government of Iran and Pakistan's strong commitment to continue working closely with Iran for peace in the region through dialogue and diplomacy,' said another PMO statement. In turn, President Pezeshkian thanked Pakistan for its diplomatic support during the crisis and acknowledged its role in efforts to de-escalate tensions. The prime minister also held talks with Azerbaijan's President Ilham Aliyev, in what was their third bilateral meeting this year. The two leaders agreed to further strengthen their economic partnership, especially by accelerating Azerbaijan's investments in Pakistan. 'The two leaders agreed to enhance their cooperation in the fields of trade and investment while expressing satisfaction over the progress made regarding the investment prospects,' the PMO said. Sharif invited President Aliyev to visit Pakistan, noting that recent exchanges had significantly strengthened bilateral ties. The Azerbaijan leader had previously announced a $2 billion investment package for Pakistan during a visit to Islamabad in 2024, and the two countries have also deepened defense cooperation, including Islamabad's sale of JF-17 fighter jets to Baku. In his meeting with Uzbek President Shavkat Mirziyoyev, Sharif focused on regional integration, energy cooperation and the Trans-Afghan Railway Project, which is seen as vital for unlocking trade corridors between Central and South Asia. 'The two leaders agreed on visits of their senior ministers to Tashkent and Islamabad to finalize necessary agreements,' the PMO said, adding that the two sides viewed their cultural and historical ties as a strong foundation for broader collaboration.
Asharq Al-Awsat
10 hours ago
- Asharq Al-Awsat
Troops Kill 30 Militants Attempting to Sneak into Pakistan from Afghanistan
Pakistani security forces killed 30 militants who attempted to enter the country from Afghanistan, the military said Friday. It said the members of the Pakistani Taliban were spotted overnight in the North Waziristan district in Khyber Pakhtunkhwa province and the troops seized weapons, ammunition and explosives from the militants. The military's statement did not mention if there was a gunfight or other details of the operation. The military alleged the militants were backed by India and asked the Afghan government to prevent the use of its territory by 'foreign proxies' to attack Pakistan, The Associated Press reported. There was no immediate comment from New Delhi. Pakistani authorities often accuse India of backing outlawed groups like the Baloch Liberation Army and Pakistani Taliban who commit violence in Pakistan. Such accusations have increased since a shooting in Indian-controlled Kashmir in April heightened tensions between the nuclear-armed nations. President Asif Ali Zardari and Prime Minister Shehbaz Sharif praised security forces for the successful operation. Pakistani troops killed 54 insurgents in the same area in April. Militant violence has surged in Pakistan in recent months, much of it blamed on the Pakistani Taliban. The group is separate from the Afghan Taliban but closely allied with them. Many of its leaders and fighters have found sanctuary in Afghanistan since the Taliban takeover in 2021.
