Cashless Economy Vital for Sustainable Growth: PM

Islamabad: Prime Minister Shehbaz Sharif has said that the ongoing efforts to transition to a cashless economy will play a key role in the sustainable development of the economy. According to Radio Pakistan, chairing a meeting in Islamabad, he emphasized that awareness needs to be raised in rural areas to fully transition to a cashless economy and eliminate the informal economy. He highlighted that the world is rapidly moving towards a digital economy, and Pakistan must align itself with global trends. From the very beginning, steps have been taken to transform Pakistan into a digital nation, with positive results already being observed. The Prime Minister also mentioned that for the first time in Pakistan's history, during Ramadan, funds for the Benazir Income Support Program were sent to beneficiaries through digital wallets. He noted that a cashless economy will improve governance and significantly reduce corruption. The Prime Minister directed that the clearly defined economic objectives for a cashles s economy be achieved within the specified timeframe. On the occasion, the Prime Minister was briefed on progress in key areas. It was informed that the payment of electricity and gas bills is now being facilitated through QR codes, allowing billions of rupees in payments to be made via digital systems. It was further informed that the mobile application established for obtaining government services in Islamabad has been integrated with Raast and that the issuance of new licenses for businesses is now conditioned upon digital payments. Additionally, QR codes have been implemented at retail stores for easy digital transactions. It was informed that sixty-eight percent of the country's population has now achieved financial inclusion. The Prime Minister directed that this coverage be further expanded.