Islamabad:
Prime Minister Shehbaz Sharif on Monday corrected the formation of three specialized committees – Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee and the Government Committee – to promote cash -free economy throughout the country.
These special sub -committees will present recommendations to facilitate payments between citizens and businesses, raise awareness of digital systems, activate the Pakistani digital authority, formulate a national digital master plan and streamline transactions between the government and the private sector.
The premiere was chairman of a high -level meeting that focused on promoting a cashless economy in Pakistan.
He emphasized the importance of making digital transactions more affordable and accessible to the public compared to cash as a means of promoting a cashless system.
He also instructed Raast Digital Payment System to be established on the federal as well as across all provinces.
“Establishing a digital transaction system is crucial to bringing transparency to the economy,” the prime minister said, adding that cashless systems are prioritized in developed and successful economies around the world, and modern technology should be used to implement a robust digital payments -infrastructure.
The Prime Minister noted that funds circulating through the banking system can be used for investment in government development projects.
He also directed the transition of all transactions between the public and private sector to a cashless model.
During the briefing, the Prime Minister was updated on progress made against the implementation of a nationwide cashless system.
It was shared that over 40 million users are currently taking advantage of the Raast system, and various initiatives are underway to increase this number.
All financial transactions from the federal government are now being implemented through the Raast system and steps are taken to expand it to the provincial level.
The briefing also emphasized that Fintech is a key component of this ecosystem.
The Pakistani digital authority has been established and is actively working to transfer the national economy to a cashless model.
It was also informed at the meeting that the Digital Public Infrastructure Committee will operate under the leadership of the Federal Ministry of it, while the cashless Pakistan management committee has been established within the Prime Minister’s Secretariat.
