Pakistan moves rapidly towards cashless economy

ISLAMABAD: Significant progress is being made towards the promotion of a cashless economy in Pakistan. The number of users using mobile banking apps has crossed 96 million, while the number of internet banking users has also crossed 17 million.

In addition, the number of users making instant and free digital transactions through Rast ID across the country has reached 46 million. The government’s goal is to increase the number of online banking app users to 120 million by June 2026.

The government’s efforts to make the digital economy compatible with modern requirements are starting to succeed. There are currently more than 19,000 bank branches and 700,000 branchless banking agents in the country, however, the trend of digital payments among citizens instead of turning to banks is growing rapidly.

According to the report, more than 8 billion digital transactions were made in the retail sector in the last seven years, while over-the-counter transactions were recorded at 1.1 billion. Of the more than 226 million bank accounts in the country, 96 million are active depositors.

According to the documents, the number of merchants using QR codes has also increased to 850,000. Under Prime Minister Shehbaz Sharif’s digital economy vision, three high-level committees have been formed to promote digital payments, fintech innovation and financial inclusion in the country.

The government says that the goals by 2026 include increasing the number of merchants involved in digital payments to 2 million and developing a digital banking system in line with world standards — so that Pakistan can achieve the goal of a truly cashless economy.