Govt Announces Future of Cheque Payments

According to The federal administration has, cheque-based payments under the Asaan Assignment Accounts (AAA) system will be discontinued from November 15, with all transactions under the system moving to the Raast digital payment network from November 16.

Key points

• The administration is additionally accelerating the digitization of payments throughout federal and provincial departments, with most institutions anticipated to complete the transition by December 2026.
• The decision was confirmed during a high-level gathering on promoting a cashless economy, chaired by Prime Minister Shehbaz Sharif on Friday.
• Authorities informed the gathering that payments through Asaan Assignment Accounts nationwide would be processed exclusively through Raast once the new arrangement takes effect.
• The session was further informed that all payments under the Benazir Income Backing Program (BISP) were already being created through digital wallets.
• Drawing and Disbursing Officers (DDOs) responsible for handling the payments have already received training to implement the digital system.

In practice, the decision was confirmed during a high-level gathering on promoting a cashless economy, chaired by Prime Minister Shehbaz Sharif on Friday.

Meanwhile, the administration is additionally accelerating the digitization of payments throughout federal and provincial departments, with most institutions anticipated to complete the transition by December 2026.

For context, the session was further informed that all payments under the Benazir Income Backing Program (BISP) were already being created through digital wallets.

Notably, the prime minister directed relevant ministries and departments to establish clear targets and deadlines for expanding digital payments. He additionally stressed that technical difficulties, consumer matters and inadequate internet connectivity must be addressed to ensure wider adoption.

Meanwhile, the change is part of the government's broader plan to reduce reliance on cash and promote electronic payments. Stay Connected with ProPakistani.

Obtain the latest business news, market insights, and economic updates wherever you prefer. Follow on Google Discover. Follow on Google News Join WhatsApp. See more ProPakistani stories in Google Search and Top Stories.

Taken together, the developments around govt Announces Future of Cheque Payments point to a situation that is still moving, and the coming days should bring more clarity.