Govt to Build Centralized Merchant Database to Boost Cashless Economy

As part of its push to expand Pakistan's cashless economy, the administration aims to establish a centralized merchant database to enhance real-time visibility of digital transactions.

Key points

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• Highlighting Prime Minister Shehbaz Sharif's vision, Minister Kayani reaffirmed the government's commitment to building a transparent, documented, and inclusive economy.
• The Minister reviewed progress on the Prime Minister's prior directives and outlined key priorities to accelerate Pakistan's digital financial transformation.
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• The session evaluated last year's expansion throughout active digital merchants, total digital transaction volumes, and overall digital banking users.

Meanwhile, the proposal was discussed at a high-level review session chaired by Minister of State for Finance Bilal Azhar Kayani at the Finance Division on September 2, held to prepare for the upcoming Prime Minister's Cashless Initiative review.

For context, the Minister reviewed progress on the Prime Minister's prior directives and outlined key priorities to accelerate Pakistan's digital financial transformation.

As well as introduce new analytical indicators to improve real-time monitoring and data transparency, a central objective was to review last year's progress and initiate the annual performance target setting for the national Cashless Dashboard for the current fiscal year.

For context, the session evaluated last year's expansion throughout active digital merchants, total digital transaction volumes, and overall digital banking users. It additionally assessed progress on digitizing administration payments throughout State-Owned Enterprises (SOEs) and autonomous bodies, reiterating the objective to fully digitize all vendor, employee, and pension payouts. Pakistan Raises Record $3 Billion Through Largest Ever Eurobond Issuance.

Committee members discussed strategies to expand merchant adoption nationwide and proposed establishing a centralized merchant database to enhance real-time transaction visibility. They additionally emphasized streamlining user journeys so citizens can seamlessly pay digitally throughout every touchpoint.

Highlighting Prime Minister Shehbaz Sharif's vision, Minister Kayani reaffirmed the government's commitment to building a transparent, documented, and inclusive economy. He observed that regular progress reviews will continue to ensure swift execution and maximum convenience for the public.

Meanwhile, the session brought together senior office-holders from the Ministry of Finance, State Bank of Pakistan (SBP), NADRA, Capital Development Authority (CDA), Ministry of IT & Telecommunication, and private sector stakeholders. Stay Connected with ProPakistani.

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For now, govt to Build Centralized Merchant Database to Boost Cashless Economy remains the part of the story worth watching, and further updates are likely as more details are confirmed.