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Business Recorder
6 hours ago
- Business
- Business Recorder
Digital payments: Pakistan PM forms three high-powered panels
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday launched a sweeping push towards a cashless economy, directing formation of three high-powered panels to fast-track digital payments across the country and tighten the government's grip on financial transparency. The new committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – have been tasked with crafting policy to accelerate digital transactions between citizens, businesses and the state, while also activating the long-dormant Pakistan Digital Authority and drafting a national digital master plan. The prime minister, while chairing a high-level meeting, said that shifting from cash to digital was not optional but essential for a transparent economy. PM forms body to promote cashless economy, digitization 'The developed nations are racing ahead with cashless systems. Pakistan can't afford to be left behind,' he added. In a significant directive, Sharif ordered the expansion of the RAAST digital payment system from the federal level to all provinces. 'A digital transaction ecosystem is the backbone of a modern economy,' he said, stressing those digital payments must become more affordable and accessible than cash to win public trust. The officials briefed the prime minister that over 40 million users are currently on RAAST, Pakistan's flagship digital payment rail, with all federal financial transactions already routed through the system. Steps are underway to bring provincial governments onboard. The prime minister also signalled a pivot in government policy, ordering that all transactions between public and private sectors be moved to a cashless model – a potentially sweeping change for a largely informal economy. The meeting was told that the Digital Public Infrastructure Committee will operate under the Ministry of IT, while the Cashless Pakistan Steering Committee has been formed under the Prime Minister's Secretariat. In a bold pilot move, the meeting was informed that the Ministry of IT plans to make Islamabad Pakistan's first fully cashless city under the Smart Islamabad project – a digital litmus test for the rest of the country. Sharif emphasised that channelling funds through formal banking systems could help finance development projects and attract investor confidence. The inclusion of fintech in the broader ecosystem was also highlighted as a strategic pillar. The meeting was attended by key members of Sharif's cabinet, including ministers for economic affairs, IT, petroleum, and climate change, along with the governor of the State Bank of Pakistan (SBP) and heads of major regulatory bodies. Copyright Business Recorder, 2025
Business Recorder
8 hours ago
- Business
- Business Recorder
Digital payments: PM forms three high-powered panels
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday launched a sweeping push towards a cashless economy, directing formation of three high-powered panels to fast-track digital payments across the country and tighten the government's grip on financial transparency. The new committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – have been tasked with crafting policy to accelerate digital transactions between citizens, businesses and the state, while also activating the long-dormant Pakistan Digital Authority and drafting a national digital master plan. The prime minister, while chairing a high-level meeting, said that shifting from cash to digital was not optional but essential for a transparent economy. PM forms body to promote cashless economy, digitization 'The developed nations are racing ahead with cashless systems. Pakistan can't afford to be left behind,' he added. In a significant directive, Sharif ordered the expansion of the RAAST digital payment system from the federal level to all provinces. 'A digital transaction ecosystem is the backbone of a modern economy,' he said, stressing those digital payments must become more affordable and accessible than cash to win public trust. The officials briefed the prime minister that over 40 million users are currently on RAAST, Pakistan's flagship digital payment rail, with all federal financial transactions already routed through the system. Steps are underway to bring provincial governments onboard. The prime minister also signalled a pivot in government policy, ordering that all transactions between public and private sectors be moved to a cashless model – a potentially sweeping change for a largely informal economy. The meeting was told that the Digital Public Infrastructure Committee will operate under the Ministry of IT, while the Cashless Pakistan Steering Committee has been formed under the Prime Minister's Secretariat. In a bold pilot move, the meeting was informed that the Ministry of IT plans to make Islamabad Pakistan's first fully cashless city under the Smart Islamabad project – a digital litmus test for the rest of the country. Sharif emphasised that channelling funds through formal banking systems could help finance development projects and attract investor confidence. The inclusion of fintech in the broader ecosystem was also highlighted as a strategic pillar. The meeting was attended by key members of Sharif's cabinet, including ministers for economic affairs, IT, petroleum, and climate change, along with the governor of the State Bank of Pakistan (SBP) and heads of major regulatory bodies. Copyright Business Recorder, 2025
