Pakistan eyes expansion of digital wallet coverage
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A digital wallet project that the Pakistani government initiated two months ago has been a massive success, closing the gender gap and reaching citizens with disability, the country's prime minister says.
PM Shehbaz Sharif commissioned the distribution of the Ramazan Relief Package in early April, partly via digital wallets for the first time. The Rs 20 billion ($71 million) initiative was overseen by the IT & Telecommunications Ministry and sought to make welfare and aid distribution 'efficient, transparent, and respectful.' It aligned with the Digital Nation Pakistan Bill, which was passed by parliament in January and seeks to transition Pakistan into a digitally empowered nation.
Speaking at a recent event, Sharif lauded the success of digital wallets in boosting efficiency and transparency in fund transfers.
'Through digital wallets, 79% of the funds in the relief program were transferred seamlessly and transparently,' the PM stated.
Starting 2026, all welfare distribution will be done via digital means, he added.
According to local outlets, over 900,000 Pakistanis received aid through their newly created digital wallets and conducted nearly 2 million transactions. Significantly, a sizable portion of the users were women, which the PM says plays a role in reducing the gender gap in the program. Over 2,500 disabled people also used the digital wallets, further underscoring the initiative's importance in promoting diversity and inclusion. 'This is more than a one-time relief package. It's about fostering long-term digital habits that empower individuals and integrate them into the formal economy,' commented IT Minister Shaza Fatima Khawaja.
Pakistan is undergoing a digital payment transformation. In the last three months of 2024, retail digital payments grew 12%, according to data from the central bank. Pakistanis made over three billion transactions worth Rs154 trillion ($554 billion).
This growth is attracting global giants. In March, Google Wallet (NASDAQ: GOOGL) announced its entry into the Pakistani market, partnering with half a dozen local banks to allow cardholders to make payments via the app.
'The launch of Google Wallet is a solid testament to Pakistan's rising digital payments adoption and will serve as a signal to other global payment solutions about the market's potential,' commented Mutaher Khan, whose Data Darbar provides market intelligence in the country.
However, the market still faces significant challenges. One of these is the country's massive undocumented economy, which the government reckons is as big as the formal economy. Operators in this cash-based market operate beyond the scope of the government and pay no taxes; this makes digital payments a direct threat as they would expose the market.
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