The government has unveiled new national targets under the Prime Minister’s Cashless Economy initiative, tasking the State Bank of Pakistan (SBP) with accelerating the shift toward digital transactions and fintech adoption across the country.
The plan aims to increase the number of active digital merchants to 2 million by the close of 2025-26. Another key goal is to expand mobile and internet banking users from 95 million at present to 120 million within a year. Annual digital payment transactions are also projected to double, reaching 15 billion.
Finance ministry officials revealed that the government is also working to ensure that 100 percent of overseas remittances are routed through bank accounts or mobile wallets, compared to 80 percent currently. The move is intended to eliminate cash payouts while strengthening transparency in remittance inflows.
Following the directives of the specialized committee led by Prime Minister Shehbaz Sharif, the SBP will be central in broadening mobile banking services and driving the country closer to a fully cashless economy.