By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday formed three committees to drive digital transactions and cut reliance on cash, aiming to boost transparency in an economy where informal cash dealings prevail.
Cash rules Pakistan’s financial landscape, especially in the informal sector, obstructing efforts to monitor flows and tackle tax evasion. The central bank has championed digital payments, and these panels are tasked with speeding up the shift.
The committees will target digital payment adoption, infrastructure upgrades, and government transaction digitization.
“Prime Minister Shehbaz Sharif chaired a meeting on promoting a cashless economy,” Sharif’s office said in a statement. “He directed the formation of three committees: Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee and the Government Payments Committee.”
The statement said these special sub-committees would present recommendations on facilitating payments between the public and businesses, raise awareness about digital systems, activate the Pakistan Digital Authority and simplify transactions between the public and private sectors.
Sharif instructed officials to ensure digital transactions are made more affordable and easier for the public compared to cash ones. He further directed that the RAAST digital payment system be established across the federation and all Pakistani provinces.
“Establishing a digital transaction system is extremely important to bring transparency into the economy,” Sharif was quoted as saying. “Around the world, developed nations and successful economies are prioritizing cashless systems.”
The government has shifted all federal payments to the RAAST platform, which has handled over 892 million transactions worth Rs20 trillion ($72 billion) since 2021, with plans to expand it nationwide.
“The Pakistan Digital Authority has been established, and work is underway under its umbrella to promote a cashless economy,” the statement added.
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