Officials informed Prime Minister (PM) Shehbaz Sharif on Tuesday that the number of digital banking users in the nation has exceeded 127 million, as the government continues its efforts to advance a cashless economy.
Pakistan has experienced notable growth in digital transactions over recent years.
The central bank of the country reported last year that its instant digital payment system, Raast, had facilitated over 892 million transactions totaling Rs20 trillion ($72 billion) since its inception in 2021.
Government plans to promote a cashless economy
During a review meeting led by Sharif regarding the advancement of a cashless economy, officials indicated that Rs1.6 trillion ($5.7 billion) was disbursed by the government between July 2025 and January 2026 in salaries, pensions, and vendor payments directly through the Raast digital platform.
The PM office stated, “The meeting was additionally informed that the number of individuals benefiting from digital banking has surpassed 127 million.”
Pakistan continues to be a cash-centric market, with a considerable portion of transactions, especially in the informal sector, conducted in cash.
In recent months, the State Bank of Pakistan has implemented measures to foster a cashless economy, with the goal of making financial transactions more traceable and reducing tax evasion and corruption.
State Bank Governor stresses on importance of digital economy
The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has emphasised the significance of ‘collaboration among regulators, banks, fintechs, and policymakers’ to expedite Pakistan’s progress towards a digitally inclusive economy.
During his address at the Future of Banking Summit 2025 in Karachi, he stated, “By collaborating, regulators, banks, fintechs, and policymakers can create a future where every Pakistani can confidently engage in the digital economy.”
The Governor commended Systems Limited for organising the event, noting that “the summit serves as a crucial platform to foster collaboration between the banking and technology sectors.”
Read more: ‘The Digital Future is No Longer a Distant Vision, It is Our Present Reality’ Says Governor SBP
