The Ministry of Information Technology and Telecommunication (MoITT) Wednesday said that the State Bank of Pakistan (SBP) and Karandaaz, a not-for-profit special purpose vehicle, will jointly promote a digital payment system in Pakistan.
The development came during a meeting between Karandaaz CEO Waqas ul Hasan and Caretaker Federal Minister for IT Dr Umar Saif at the MoITT.
The caretaker minister said that Karandaaz and SBP have jointly installed the Raast system in Pakistan which is being used by around 30 million people. Together with Karandaaz and SBP, they are taking Pakistan towards a digitized economy where everyone will be able to make digital payments easily, he added.
Dr Saif said that instead of cash, a digital payment system will be introduced in the economy and people will be able to make digital payments for purchases. He said that the country is being taken towards a digital economy, and the IT ministry is taking steps in this regard.
President and CEO of PTCL Group Hatem Bamatraf also met the IT minister today. During the meeting, there was a detailed discussion on the 5G spectrum auction and provision of telecom services.
Talking to Bamtaraf, the minister said that steps are being taken to provide better telecom services in the country. He claimed that the 5G auction is going to be held in the next few months.