Pakistan Revises Digital Payment Rules to Boost Cashless Initiative

ISLAMABAD: The Pakistani government is set to tighten regulations surrounding digital payments as part of its ongoing Cashless Pakistan initiative. This decision comes in response to a significant increase in the number of merchants accepting electronic payments, which has quadrupled over the last fiscal year.

Minister of State for Finance Bilal Azhar Kayani chaired a high-level meeting to discuss the revisions of definitions for active digital payment users and merchants. The government aims to implement tax policy reforms that will further accelerate the adoption of digital transactions across the country.

This initiative is expected to enhance financial inclusion and streamline the economy by reducing reliance on cash transactions. As more citizens and businesses embrace digital payments, the government anticipates a positive impact on tax revenue and overall economic growth.

Looking ahead, the government plans to hold further discussions with stakeholders in the financial sector to finalize the new regulations. These steps are crucial for ensuring that Pakistan keeps pace with global trends in digital finance.