Prime Minister Cashless Economy way on BISP
The Prime Minister chaired a high-level meeting in Islamabad to review the progress of Pakistan’s transition toward a cashless economy. He stated that digitalization has been a top priority since the beginning, and the results are now becoming visible. Emphasizing the importance of a modern financial system, he said that adopting a cashless economy ensures transparency and significantly reduces corruption.
- The Prime Minister directed all ministries to achieve the targets of the cashless economy within the set timeframe.
- Officials briefed the meeting on the stages of digital financial development and its public benefits.
Major Advancements in the Digital Payment System
During the briefing, it was revealed that electricity and gas bills can now be paid through the “Raast QR Code” system. This allows consumers to make payments digitally instead of using cash, saving both time and effort. Additionally, the Islamabad government’s mobile application has been linked with the Raast payment platform for convenient digital transactions.
- All new business licenses are now integrated with the digital payment system.
- Existing shops are being equipped to accept QR code payments.
- The initiative promotes safe, quick, and transparent financial transactions for citizens.
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Launch of Digital Wallets under Benazir Income Support Program
The Prime Minister was informed that one million digital wallets have been created under the Benazir Income Support Program (BISP), which will become fully operational by the end of the month. Through this initiative, financial aid will be transferred directly via digital channels, ensuring transparency and reducing opportunities for corruption.
- Digital wallets will make financial transfers faster and more secure.
- Women and low-income groups will gain easier access to financial services.
- The government plans to expand this system to other social welfare programs in the future.
Growth in Financial Inclusion and Digital Banking
It was reported that 68% of Pakistan’s population is now part of the financial inclusion network, marking a major milestone in digital finance. The government is issuing licenses to new digital banks to expand financial access nationwide and provide modern banking solutions without physical branches.
- Digital banks will offer online financial services directly to users.
- Farmers, small business owners, and rural communities will benefit from broader financial access.
- Increased inclusion will boost economic activities and create new employment opportunities.
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Transparent Governance and a Modern Digital Economy
The Prime Minister noted that the cashless economy will not only enhance financial inclusion but also strengthen government transparency. He said that digital transactions allow better monitoring of public funds while minimizing corruption and illegal financial practices. All ministries and departments were directed to actively support these reforms for timely implementation.
- The meeting was attended by Finance Minister Muhammad Aurangzeb, IT Minister Shaza Fatima Khawaja, State Bank Governor Jameel Ahmed, FBR Chairman Rashid Mahmood Langrial, and other senior officials.
- The government aims to transform Pakistan into a fully digital financial system in the coming years.
Conclusion:
Pakistan’s move toward a cashless economy marks a decisive step toward building a transparent, efficient, and modern financial structure. Under the Prime Minister’s vision, digitalization will not only improve convenience for citizens but also align the national economy with global digital standards. This initiative is set to lay the foundation for a technologically advanced and inclusive future for Pakistan.
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