Special committees formed on the directives of the Prime Minister have set new national targets for the State Bank of Pakistan to accelerate the country’s transition toward a cashless economy. These targets are aimed at strengthening digital financial services and fintech adoption in order to modernize the economy.
According to the new plan, the number of active digital merchants is targeted to reach two million by the end of the fiscal year 2025-26. Similarly, the number of mobile and internet banking users will be increased from the current 95 million to 120 million within one year. Annual digital transactions are also planned to double, reaching 15 billion.
Sources in the Ministry of Finance revealed that significant changes will also be introduced in the remittance sector. Under the plan, 100% of remittances will be transferred through bank accounts or mobile wallets, compared to the current 80%. The main objective of this move is to eliminate cash-based payments and ensure greater transparency.
The State Bank has been directed to expand mobile banking services to all segments of society, thereby improving financial inclusion and providing modern facilities to the unbanked population.
Minister for Information Technology Shaza Fatima said Pakistan already has more than 143 million broadband users, which provides a strong foundation to transition the country towards a cashless economy. She further noted that mobile wallets have now surpassed traditional bank accounts, and the branchless banking structure is already strong. However, she acknowledged that among the four mobile operators in the country, only Jazz and Telenor are offering large-scale, stable mobile wallet platforms.
Telenor’s “Easypaisa,” launched in 2009, has now transformed into the country’s first digital bank with over 18 million monthly active users. JazzCash, which started in 2012, is currently Pakistan’s largest digital financial service provider with around 21 million monthly active users.
On the other hand, U Paisa operates on a limited scale, while Zong has yet to enter this market. Experts believe that the true strength of mobile digital wallets lies in their simplicity and convenience, which has made them rapidly popular among the public.
