Digital Payment Merchants in Pakistan Jump Fourfold to Over 2 Million

Cashless Pakistan initiative has crossed a major milestone, with the number of merchants accepting digital payments increasing fourfold to more than 2 million within a year, as the government accelerates its push toward a digital economy.

The progress was reviewed during a high level meeting chaired by Minister of State for Finance and Railways Bilal Azhar Kayani, who assessed the first year of the initiative launched in June 2025 under the supervision of Prime Minister Shehbaz Sharif.

According to the Finance Division, annual digital payment transactions increased from 6.9 billion to 11.3 billion over the past year. The number of active digital payment merchants rose from 500,000 to more than 2 million, supported by the government’s Raast QR Code initiative, while digital banking users exceeded 135 million.

The government also reported progress in financial inclusion, which increased to 69 percent, while the gender gap in access to financial services continued to narrow through targeted initiatives.

Kayani reviewed the digitization of government services and said 25 high impact federal and provincial entities have been selected for complete integration with the Raast payment system by December 2026. He added that nearly 75 percent of government to people (G2P) payments are now accepted digitally across centralized and self accounting government entities.

The minister said the government will continue working with the State Bank of Pakistan, financial institutions, fintech companies, and the private sector to expand digital payments, improve financial inclusion, and promote a more documented economy.

To improve transparency, Kayani directed officials to validate reported progress, eliminate duplicate data, and address reporting gaps. The government has also hired an independent third party to assess the initiative’s performance and verify its reported achievements.