2 min read
ISLAMABAD: In a strategic push to modernize financial systems, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a high-level meeting at the Finance Division to accelerate Pakistan’s transition to a digital economy and reduce cash dependency.
The session brought together senior stakeholders from commercial banks, development finance institutions (DFIs), regulatory bodies, and investment experts. These professionals are part of a dedicated committee formed by the Minister to develop forward-looking recommendations supporting the country’s digital financial transformation.
Participants held an in-depth discussion on actionable proposals to promote digital payments and decrease reliance on physical cash. The committee reached a consensus on several measures to enhance access to digital financial services, particularly in the retail, services, and public sectors.
A key recommendation was to boost interoperability across payment platforms, with special focus on leveraging the Raast instant payment system. Broadening consumer access and improving user convenience were underscored as critical to expanding the footprint of digital transactions.
Need for Reducing Costs of Digital Payment Infrastructure
The need for a balanced incentive structure between digital and cash payments was also highlighted. Stakeholders stressed reducing costs associated with digital payment infrastructure—such as merchant acquisition and service provision—so that small businesses and underserved communities can adopt the systems more easily.
Senator Aurangzeb endorsed the committee’s recommendations, stating that digitalization is at the heart of Pakistan’s economic modernization. He emphasized that the expansion of digital payments would enhance financial transparency, drive inclusion, and improve public and private sector efficiency.
“Digitalization is the foundation of a modern financial system,” said the Finance Minister. “We must act with urgency and coordination to create an inclusive, interoperable, and user-friendly digital payments ecosystem for all Pakistanis.”
He also highlighted the importance of aligning technological adoption with cohesive policy frameworks. The meeting concluded with a directive for the committee to submit a detailed, time-bound roadmap outlining implementation strategies for accelerating Pakistan’s digital economy transition.
