Islamabad:
Prime Minister Shehbaz Sharif directed on Monday the formation of three specialized committees: the Innovation and Adoption of Digital Payments, the Digital Public Infrastructure Committee and the Government Payment Committee, to promote the economy without cash throughout the country.
These special subcommittees will present recommendations to facilitate payments between citizens and companies, raise awareness about digital systems, activate the digital authority of Pakistan, formulate a national digital master plan and optimize transactions between the government and the private sector.
The prime minister was presiding over a high -level meeting focused on promoting an economy without cash in Pakistan.
He emphasized the importance of making digital transactions more affordable and accessible to the public compared to cash, as a means to promote a system without cash.
He also instructed that the RAST digital payment system is established at federal levels and at all levels of provinces.
“Establishing a digital transaction system is crucial to bring transparency to the economy,” said the prime minister, adding that without cash are being prioritized in developed and successful economies worldwide, and modern technology should be used to implement an infrastructure of robust digital payments.
The Prime Minister said that funds circulating through the banking system can be used for investment in government development projects.
He also directed the transition from all transactions between the public and private sectors to a model without effective.
During the informative session, the prime minister was updated on the progress made to implement a system without cash throughout the country.
It was shared that currently, more than 40 million users are benefiting from the RAST system, and several initiatives are being carried out to increase this number.
All federal government financial transactions are now carried out through the RAST system, and measures are being taken to expand it to the provincial level.
The informative session also stressed that Fintech is a key component of this ecosystem.
The Pakistan digital authority has been established and is actively working to make the transition from the national economy to a model without cash.
It was also reported at the meeting that the Digital Public Infrastructure Committee will operate under the leadership of the Federal Ministry of IT, while the Pakistan Steering Committee without cash has been established within the Secretariat of the Prime Minister.
