Islamabad: Efforts to lay the foundation for a cashless economy in Pakistan have intensified, the federal government has decided to immediately implement a digital payment system on all utility bills and petrol pumps across the country.
A meeting chaired by Prime Minister Shahbaz Sharif ordered that QR codes be included on all bills so that easy and transparent payments can be made through mobile apps. In addition, PoS (Point of Sale) and Soft PoS systems will also be installed on petrol pumps to promote cashless transactions.
The government has directed the CDA chairman to review the relevant laws and propose amendments to make digital payments mandatory in services as soon as possible.
New digital payment targets have also been set for the State Bank of Pakistan, while the Ministry of Finance has announced that the subsidy limit on digital transactions is being increased to Rs 3.5 billion.
Under the new decision, banks will be allowed to charge only 0.25 percent MDR (Merchant Discount Rate) to reduce the burden on consumers and facilitate the adoption of the digital system.
According to government sources, the final implementation timings are also expected to be announced soon after consultation with the provinces. Experts are calling this move a “milestone in economic transparency and technology integration.”
