Pakistan’s Push to Double Digital Payments by 2026

Over the past few years, Pakistan has been quietly but steadily laying the foundation for a major shift in how people move, manage, and spend money. While the country has long relied on cash for most transactions, a dramatic transformation is now underway one driven by government policy, growing fintech innovation, and a public increasingly comfortable with mobile technology.

At the center of this transformation is Pakistan’s push to double digital payments by 2026, an ambitious but achievable national goal led by the State Bank of Pakistan (SBP) and supported by both public and private stakeholders. The effort aims not just to modernize the financial system, but also to fuel economic growth, enhance transparency, and make financial services more accessible to millions.

This article takes a deep, well-researched look into the strategies, statistics, challenges, and future outlook behind Pakistan’s digital payments revolution.

Introduction: Why Digital Payments Matter Now

For decades, Pakistan has been a heavily cash-dominant economy. Most everyday transactions from grocery shopping to bill payments have traditionally involved physical currency. But as the global trend moves toward digital, Pakistan has recognized the need to evolve.

Digital payments are no longer just a convenience; they are the backbone of a modern digital economy. They help governments reduce corruption, enable small businesses to grow faster, and allow citizens to save time, money, and effort.

Countries like India, China, and Singapore have shown how digital payments can unlock massive economic opportunities. Pakistan aims to follow a similar trajectory, with the State Bank’s strategy to double digital payments by 2026 marking a major turning point.

Section 1: The Vision Behind Pakistan’s Push to Double Digital Payments by 2026

Pakistan’s digital-payment expansion is part of a broader, long-term vision to transition toward a more inclusive, technology-driven economy.

1. The State Bank’s Digital Payment Roadmap

SBP’s Digital Pakistan initiative has set multiple targets, including:

• Boosting the number of digital transactions in both public and private sectors

• Expanding financial inclusion

• Encouraging the adoption of mobile wallets

• Developing a modern digital infrastructure

These targets are grounded in the belief that modern economies thrive when payments are fast, secure, and transparent.

2. Reducing Cash Dependency

Cash handling is expensive. Printing, transporting, and securing currency drains national resources. Digital payments reduce these costs while improving visibility into the economy.

By doubling digital payments, Pakistan aims to:

• Reduce the size of the informal economy

• Increase tax revenues

• Strengthen monetary policy systems

3. Aligning With Global Digital Trends

From e-commerce to gig-economy services, the world is moving cashless. Pakistan wants to ensure its economy remains competitive, especially as cross-border digital trade grows.

Section 2: Key Drivers Accelerating Pakistan’s Digital Payment Growth

Pakistan’s digital-payment rise is not happening in isolation several powerful forces are pushing the shift.

1. Rapid Growth of Mobile Internet

Pakistan has over 125+ million mobile broadband subscribers. Affordable smartphones and cheaper data packages have created a large population ready for digital financial services.

This mobile-first transformation is the backbone of the country’s fintech boom.

2. Fintech Innovation and Digital Banking

Dozens of fintech startups like Easypaisa, JazzCash, SadaPay, NayaPay, and Zindigi are reshaping financial access. These companies are:

• Offering no-fee digital accounts

• Providing instant money transfers

• Enabling QR-based payments

• Offering savings, cards, and budgeting tools

Their competitive ecosystem encourages innovation, benefiting millions of users.

3. Government Initiatives and Regulatory Support

The government’s push is equally significant. Policy steps include:

• Enabling digital KYC for account opening

• Promoting Raast, Pakistan’s instant payment system

• Encouraging e-governance and e-payments for taxes, utility bills, and salaries

• Supporting small businesses to go digital through incentives

The regulator’s openness to digital-only banks is another major milestone.

4. Raast: Pakistan’s Game Changer

Raast, launched by SBP, is Pakistan’s first real-time payment system. It allows:

• Instant, free interbank transfers

• QR code payments

• Merchant settlements

• Salary and bulk payments

Its user-friendly design makes it easier for people to leave cash behind.

5. Rise of E-Commerce and Digital Marketplaces

Platforms like Daraz, Foodpanda, and online grocery services are becoming popular. These platforms:

• Encourage digital payments

• Build user trust

• Push merchants to adopt digital tools

• Reduce reliance on “cash on delivery”

Pakistan’s e-commerce market is expected to grow substantially by 2026, naturally increasing digital payment adoption.