Pakistan's digital banking users top 127m amid shift to cashless economy

ISLAMABAD (Web Desk) - Officials told Prime Minister Shehbaz Sharif on Tuesday the number of digital banking users in the country had surpassed 127 million, the PM Office said, as the government pushes ahead with efforts to promote a cashless economy.

Pakistan has witnessed significant growth in digital transactions in recent years. The country’s central bank said last year that its instant digital payment system, Raast, had processed more than 892 million transactions worth Rs20 trillion ($72 billion) since its launch in 2021.

During a review meeting chaired by Sharif on the promotion of a cashless economy, officials said Rs1.6 trillion ($5.7 billion) were disbursed between July 2025 and January 2026 by the government in salaries, pensions and vendor payments directly through the Raast digital platform.

“The meeting was further informed that the number of people benefiting from digital banking has crossed 127 million,” the PM Office said in a statement.

Pakistan remains a cash-dominated market, with a significant share of transactions, particularly in the informal sector, conducted in cash.

In recent months, the State Bank of Pakistan has taken steps to promote the cashless economy, aiming to make financial transactions more traceable and curb tax evasion and corruption.

Pakistan has also introduced a cashless model at airports across the country under which only digital service providers can provide services to customers.