Pakistan to shift Asaan Assignment Account payments to Raast from Nov 16

Prime Minister Shehbaz Sharif directed officials on Friday to present a clear roadmap with deadlines for a system in which all payments in Pakistan are digital, according to the Prime Minister's Office (PMO).

Sharif chaired a high-level meeting on promoting a cashless economy, which he described as one of the government's most important priorities.

He said the policy had begun to show positive results and praised the efforts of the Finance Ministry and all related state institutions.

Sharif told officials to resolve, without delay, the problems consumers face in using digital payment systems.

He also said internet services must be provided across the country and that people should have easy access to technology, which he called essential for a cashless economy.

The prime minister instructed that the scheme promoting direct digital payments between consumers and merchants through QR codes continue under government patronage.

Pakistan has been working to expand digital payments for several years, with the State Bank of Pakistan and the Finance Ministry leading efforts to bring more transactions into formal banking channels.

Officials have generally argued that electronic payments can make transactions easier to track and reduce the use of cash, although the source did not provide figures on current adoption.

Consumers have also raised complaints about digital payment platforms in recent years, which the meeting's directives aim to address.

The decision to launch Asan Assignment Accounts was first taken during former prime minister Imran Khan's government in 2020, according to an official letter issued from the Finance Ministry. 

The finance ministry policy document, issued on Oct 26, 2020, set out the framework for one of the government's digital payment initiatives.