Qudsia Bano 

As Pakistan continues its push toward a digital economy, the shift to cashless transactions is gaining momentum, with policymakers and financial institutions recognizing the potential for increased economic efficiency and financial inclusion. From mobile wallets to QR code payments, the adoption of digital technologies is transforming how citizens engage with the financial system and how businesses operate across urban and rural landscapes, reports WealthPK.

This transition is not just about convenience, it is being seen as a strategic move to formalize the economy, reduce leakages, and create a more transparent and accessible financial environment for all segments of the population. Talking to WealthPK, Dr. Sana Riaz, Associate Professor of Economics at the Quaid-i-Azam University, sees cashless shift as a powerful tool to improve governance and resource allocation.

“Digital payments leave behind data trails that can improve tax compliance, reduce informal sector dominance, and support more targeted welfare disbursements,” she explained. She emphasized that digital inclusion should go hand-in-hand with financial literacy campaigns to ensure that vulnerable populations are not left behind in the process.

From a business perspective, digital payment systems also promise greater scalability and lower operational costs. Khalid Mehmood, Head of the Digital Innovation at the Pakistan Microfinance Network, noted that mobile wallets and fintech platforms have already begun transforming access to finance for micro and small enterprises.

“A cashless ecosystem allows entrepreneurs in remote areas to accept payments, pay suppliers, and access credit without physical infrastructure. This is crucial for expanding Pakistan’s economic base and empowering the informal sector,” he said.

Government initiatives, including the Raast instant payment system launched by the State Bank of Pakistan, are helping in creating the digital infrastructure necessary for mass adoption. However, experts stressed the need for continued investment in cybersecurity, digital literacy, and policy support to build trust and resilience within the evolving ecosystem.

As Pakistan moves forward in its digital journey, a cashless economy is no longer a distant vision but an emerging reality that holds the promise of improved efficiency, increased financial access, and inclusive economic growth. The challenge now lies in ensuring that this transformation is inclusive, secure, and sustainable for generations to come.

Credit: INP-WealthPk