Special committees established by the Prime Minister have set ambitious national targets for the State Bank of Pakistan (SBP) aimed at promoting a cashless economy. The initiative seeks to accelerate the use of digital financial services and fintech solutions across the country.
Under this plan, the number of active digital merchants is expected to reach 2 million by the end of fiscal year 2025-26. The number of mobile and internet banking users is targeted to increase from the current 95 million to 120 million within one year. Additionally, annual digital payment transactions are expected to double, reaching 15 billion.
According to the Ministry of Finance, another key objective is to ensure that 100 percent of remittances are transferred through bank accounts or mobile wallets, compared to the current 80 percent. This step is designed to eliminate cash-based payments and enhance transparency in remittance flows.
Following the directives of the Prime Minister’s committee, the SBP is expected to expand mobile banking services to all segments of society, thereby boosting financial inclusion and ensuring access to modern financial services for the unbanked population.
Minister for IT and Telecom Shaza Fatima stated that with over 143 million broadband users, Pakistan is well-positioned to transition toward a cashless economy. She highlighted that mobile wallets now outnumber traditional bank accounts, with a robust branchless banking structure in place. However, she acknowledged that only two out of the country’s four cellular operators — Jazz and Telenor — have developed strong mobile wallet platforms.
Telenor’s Easypaisa, launched in 2009, has evolved into the country’s first digital bank, serving around 18 million monthly active users. JazzCash, which began in 2012, remains the market leader with 21 million monthly active users, making it the largest digital financial service provider in Pakistan.
In contrast, Ufone’s Upaisa remains limited in scope, while Zong has yet to enter the digital financial services market. Experts note that the true strength of mobile wallets lies in their simplicity and accessibility, which have driven their rapid adoption across the country.
