Prime Minister Shehbaz Sharif on Sunday said the government is prioritising efforts to digitise Pakistan’s economy and shift financial transactions to a cashless system.
Chairing a review meeting on the cashless economy in Islamabad, he directed provincial chief secretaries to cooperate fully with the federal government in expanding the Raast digital payment system to the district level.
Sharif expressed satisfaction over the progress made toward a cashless economy and digital financial systems.
Officials briefed the meeting that Pakistan will build digital public infrastructure to provide every citizen with a digital ID, integrating national identity cards, biometrics and mobile numbers. These IDs will enable secure and efficient payments.
The briefing added that provincial governments had made progress in linking government-to-public and public-to-government payments with the Raast system.
Authorities further informed the meeting that federal development agencies have granted right of way for fibre connectivity, while discussions with Pakistan Railways and the National Highway Authority are under way to expand digital infrastructure.
Last month, Prime Minister Shehbaz Sharif directed the formation of three specialized committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – to promote cashless economy across the country.
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During the briefing, the premier was updated on progress made toward implementing a nationwide cashless system. It was shared that currently, over 40 million users are benefiting from the RAAST system, and various initiatives are underway to increase this number.
All financial transactions of the federal government are now conducted through the RAAST system, and steps are being taken to expand it to the provincial level. The briefing also highlighted that Fintech is a key component of this ecosystem.
