SBP to Streamline Digital Payments for Traders

The State Bank of Pakistan (SBP) is developing a strategy focused on simplifying digital payment options for traders, aiming to encourage the adoption of cashless transactions.

This initiative was discussed during a recent weekly meeting concerning the cashless and digital economy. The Prime Minister’s Office (PMO) issued a statement detailing the discussions held on Thursday.

The prime minister was briefed on the formation of the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee, all established during the prior meeting.

During the session, each committee presented its respective strategies and proposals designed to advance the digitization of the nation’s economy.

Digital Transaction System

Prime Minister Shehbaz Sharif commented that a digital transaction system is vital for economic transparency.

The prime minister also learned of an upcoming facilitation package aimed at incentivizing small businesses to engage in digital transactions.

The government plans to boost the user base of mobile apps for digital payments from 95 million to 120 million. Additionally, the intention is to increase merchants utilizing QR codes from 0.9 million to 2 million and expand overall digital payments from Rs7.5 billion to Rs12 billion.

It was also revealed that the Digital Economy Project has commenced under the Digital National Pakistan vision.

The Islamabad City mobile application has achieved 1.3 million downloads and offers 15 services. Collections under the ICT Excise and Taxation domain via the app have reached Rs15.5 billion.

The briefing also highlighted that the Digital Pakistan ID project is progressing rapidly. Furthermore, initiatives are being pursued to provide Wi-Fi services across Islamabad, particularly in key areas like hospitals, educational institutions, government buildings, parks, and along metro bus routes.

The prime minister instructed that all these facilities should also be introduced in federal territories, Azad Jammu & Kashmir, and Gilgit-Baltistan.