An Innovative Move Towards Cashless Economy: Govt Plans To Launch National Digital Wallet

In a strategic move toward fostering a cashless economy, the government of Pakistan has recently announced plans to launch a National Digital Wallet. It is no doubt a unique initiative that will comprise a digital rewards system. National Digital Wallet will be facilitated by the National Database and Registration Authority (NADRA).  The system will offer an innovative approach, converting a certain percentage of utility and fuel bills into digital wallet credits. This initiative will revolutionize transactions, empower the IT sector & broaden the digital horizons. Our government aims to encourage a cashless economy in Pakistan.

National Digital Wallet: A Product of Collaboration Between NADRA & an Electronic Money Institution

The newly introduced digital wallet will mark a significant step in the nation’s journey toward digitization. The platform will encourage digital transactions. Moreover, it will convert utility and fuel bill payments to digital rewards. It is pertinent to mention here that telecommunication airtime credits will also be associated with these rewards. They will provide incentives for consumers to adopt this digital transformation. Reports claim that the government is considering linking a 1% reward to electricity, gas, and fuel bill payments made digitally. Furthermore, a 10% reward equivalent to Rs 100, will be credited to the user’s digital wallet for every airtime credit acquisition of Rs 1,000. The scheme is also tipped to include incentives for fuel and utility bill payments.

The most amazing part is that the balance in the digital wallet will be accessible via OpenAI for integration with different FinTech applications and services. NADRA will determine maintenance and usage charges for the wallet with Karandaaz. This initiative will promote cashless transactions and financial inclusivity in Pakistan, leveraging the potential of digital identity and biometric technology.