Kayani urges banks to accelerate ‘Cashless Pakistan Initiative’

Minister of State for Finance Bilal Azhar Kayani asked banks to step up efforts to expand digital payments during a meeting at the Pakistan Banks Association’s Karachi office, Business Recorder reported. State Bank of Pakistan officials, Raast’s chief executive and Karandaaz representatives also took part.

Kayani reviewed progress on digital transactions and the digitisation of government payments, alongside targets for fiscal year 2026. He said the Prime Minister had agreed to extend a Raast QR subsidy that offsets merchant discount rate charges, while the Cashless Committee works on revised indicators and goals. The SBP is to consult banks’ digital chiefs, Raast and Karandaaz on improving the user experience, including for QR payments, and prepare proposals for the committee.