KARACHI: The State Bank of Pakistan (SBP) on Saturday launched its “Go Cashless” campaign in the southern Karachi port city, aiming to promote digital payment solutions and accelerate the country’s transition toward a cashless economy.​
The initiative, inaugurated by SBP Deputy Governor Saleem Ullah at a local mall in the Clifton neighborhood, is part of broader efforts to enhance financial inclusion and document the economy through increased adoption of digital transactions.​
“This ‘Go Cashless’ campaign is not just an event,” he was quoted in a statement released by the central bank. “It is part of a broader vision to accelerate Pakistan’s transition toward a digital economy.
The campaign, organized in collaboration with 12 leading financial institutions, seeks to educate vendors and customers about the benefits of digital payments.
It is also designed to highlight the SBP’s preference for a cash-lite economy where digital payments become the preferred choice for all, from small vendors to large retailers.​
Pakistan has witnessed significant growth in digital transactions in recent years. The SBP statement informed its instant payment system, Raast, processed over 892 million transactions amounting to Rs20 trillion ($72 billion) since its launch in 2021. In the second quarter of fiscal year 2025 alone, Raast handled 795.7 million transactions worth Rs6.4 trillion ($23.04 billion).​
The central bank highlighted mobile and Internet banking have also witnessed substantial growth, with a 62 percent increase in the number of transactions.
Digital transactions grew by 35 percent in FY24, with volume increasing from 4.7 billion to 6.4 billion, and their value reaching Rs547 trillion ($1.97 trillion).​
The SBP’s efforts align with Pakistan’s broader economic reforms aimed at strengthening financial systems and increasing transparency.
By promoting digital payments, the central bank can also document the economy more effectively and bring more individuals and businesses into the formal financial sector.​