Dawn
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04:56 Sep 19, 2025
ISLAMABAD: A parliamentary committee was informed on Thursday that Pakistan plans to digitise all payments by the federal, provincial, and local governments, as well as state-owned enterprises, by June 2026. This initiative is part of a broader move towards a cashless economy. State Bank of Pakistan (SBP) Governor Jameel Ahmad briefed the National Assembly Standing Committee on Finance and Revenue, outlining the country’s progress in developing a digital payments ecosystem. He discussed the current infrastructure, achievements, and emerging trends, noting that 88 per cent of retail transactions are now conducted digitally. He added that Pakistan’s digital infrastructure supports 226 million accounts and 46m RAAST IDs across the country. Efforts are ongoing to increase the value of these transactions and improve security, including the introduction of a bank liability framework and a two-hour transaction cooling-off period to reduce fraud. Mr Ahmad highlighted the successful launch of Mashreq Bank’s digital op...