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.
Pakistan’s central bank launches ‘Go Cashless’ drive at Karachi mall to promote digital economy
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Pakistan’s central bank launches ‘Go Cashless’ drive at Karachi mall to promote digital economy
- Campaign launched with 12 financial institutions aims to highlight benefits of digital payments
- SBP’s drive aligns with Pakistan’s efforts to strengthen its financial systems, boost transparency
Pakistan’s Agha weighs future after poor T20 World Cup campaign
- Pakistan suffered defeats at hands of heavyeights England, arch-rivals India in the tournament
- Pakistan’s middle order often did not click while spinners could not exploit turning conditions
Sri Lanka’s Sanath Jayasuriya said he will step down as head coach, while Pakistan’s Salman Agha said he will take time to decide whether to remain captain after both teams’ poor campaigns at the Twenty20 World Cup.
Tournament co-hosts Sri Lanka made the Super Eights but the 2014 champion lost all three matches to finish at the bottom of Group Two.
“I thought it was time to give it (the job) to someone else,” Jayasuriya said after their narrow defeat to Pakistan on Saturday.
“That’s why about two months ago I’d said during the England series that I don’t have hopes of staying in the job for long. I’d taken this decision by then.
“I thought I’d be able to leave as coach on a good note in the World Cup. I wasn’t able to do that as well as I’d like, and I’m sad about that.”
The former captain, whose contract runs until June, said he was yet to convey his decision to Sri Lanka Cricket.
“I haven’t given SLC any news officially yet. They don’t know that I am going to say this even. I will need to go and discuss with them.”
It was an underwhelming tournament for Pakistan as well that included a comprehensive defeat at the hands of arch-rivals India in a group match.
Pakistan’s middle order often did not click, while their slow bowlers could not make the most of the spin-friendly conditions in Sri Lanka where they played all their matches.
“We have underperformed in the whole tournament,” captain Agha told reporters.
“We are out of the semis due to our failure in decision-making in pressure situations.”
Agha said he and head coach Mike Hesson took full responsibility for their poor performance in a global multi-team event.
He was unhappy with his own form but said he was not in a hurry to take a call on whether to stay as Pakistan’s white-ball captain.
“I will go back and take some time to decide,” the 32-year-old said.
“Because at this point of time stepping down would be an emotional decision.”
