A Digital wallet Projects that the Pakistani government initiated two months ago have been a huge success, closed the gender gap and reach citizens with disabilities, says the country’s prime minister.
PM Shehbaz Sharif ordered the distribution of Ramazan Relief package in early April, partly via digital wallets for the first time. Initiative Rs $ 20 billion ($ 71 million) was supervised by IT & Telecommunications Ministry and tried to make welfare and support distribution “Effective, transparent and respectful.” It was adapted to the digital nation Pakistan Bill, which was passed of Parliament in January and tries to switch Pakistan to a digitally authorized nation.
Sharif spoke at a recent event and praised the success of digital wallets to increase the efficiency and openness of fund transfers.
“Through digital wallets, 79% of the funds in the Relief program were transmitted seamlessly and openly,” the prime minister said.
From 2026, all welfare distribution will be made through digital funds, he added.
In accordance with To local stores, over 900,000 Pakistanier received help through their newly created digital wallets and completed almost 2 million Transactions. It is important that a significant proportion of users were women, as the Prime Minister says plays a role in reducing the gender gap in the program. Over 2500 disabled people also used the digital wallets, which further emphasized the importance of the initiative to market Diversity and inclusion.
“This is more than a one -time package. It’s about promoting long -term digital habits that strengthen individuals and integrate them into the formal economy,” commented Minister Shaza Fatima Khawaja.
Pakistan undergoes one Digital payment conversion. In the past three months of 2024, digital payments for retail grew 12%, according to data from the central bank. Pakistanis made over three billion transactions worth RS154 trillion ($ 554 billion).
This growth attracts global giants. In March Google Wallet (Nasdaq: Googl) announced Its entry into the Pakistani market and collaborates with half a dozen local banks to allow the card holders to make payments through the app.
“The launch of Google Wallet is a solid proof of Pakistan’s rising digital payment adoption and will serve as a signal to other global payment solutions on the potential of the market,” commented Mutaher Khan, whose data Darbar provides market information in the country.
However, the market is still facing significant challenges. One of these is the country’s massive undocumented economy, which the government considers is as large as the formal economy. Operators in this cash– -Based market works outside the government’s reach and does not pay any taxes; This makes digital payments a direct threat because they would reveal the market.
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