SBP Unveils Vision 2028: Pakistan to Digitize All Government Payments by 2026

Pakistan is moving decisively toward a cashless future, with the State Bank of Pakistan (SBP) unveiling its Vision 2028 and setting June 2026 as the deadline to digitize all federal and provincial government payments, followed by state-owned enterprises (SOEs) in December 2026. The landmark shift aimed at reducing reliance on cash, enhancing financial inclusion, and improving transparency was announced during a meeting of the National Assembly Standing Committee on Finance and Revenue.

Transition to Digital Payments

SBP Governor briefed the Committee, chaired by Syed Naveed Qamar, on the country’s digital payments ecosystem, highlighting both achievements and challenges. He revealed that Pakistan’s payment infrastructure now supports 226 million accounts and 46 million RAST IDs, with 88 percent of retail transactions already conducted digitally.

Key initiatives include the successful launch of Mashreq Bank’s digital operations in Pakistan within a record 12 months compared to the typical five years elsewhere, making the country its global middle-office hub. Five new digital banks have also secured in-principle approvals, setting the stage for increased competition and innovation in the financial sector.

We are building a modern, secure, and inclusive digital payments system. By 2026, government-to-person and person-to-government transactions will be fully digitized, creating greater transparency and efficiency in public finance.

-Governor SBP

Infrastructure and Growth

Pakistan’s digital payments landscape has expanded rapidly. According to SBP data:

• 96 million mobile banking app users

• 17 million internet banking users

• 19,000 bank branches and 20,000 ATMs nationwide

• 700,000 branchless banking agents

• 195,000 POS machines, 9,500 online merchants, and 850,000 QR/wallet merchants

Digital commerce is witnessing strong growth, supported by widespread mobile penetration and expanding merchant acceptance infrastructure.

The SBP also outlined consumer protection measures, including a two-hour cooling-off period for digital transactions and a new liability framework for banks to safeguard customers from fraud.

SBP Vision 2028 and Policy Roadmap

Unveiling its Vision 2028 for Digital Payments, SBP set out priorities including:

• Digitization of all government payments by mid-2026

• Strengthening the legal and regulatory framework

• Promoting financial innovation and cybersecurity

• Facilitating cross-border integration of digital services

The Governor acknowledged persistent challenges such as low financial literacy, regulatory gaps, and public awareness. He pledged closer collaboration with ministries, regulators, and industry players to accelerate adoption.

Committee Chairman Syed Naveed Qamar stressed the importance of linking social protection systems to digital wallets to ensure direct, convenient access for beneficiaries.

Replacing branchless banking with wallet-based solutions will give people more choice and reduce dependency on agents.

-Syed Naveed Qamar

Government Backing and Industry Response

Minister of State for Finance Bilal Azhar Kayani reaffirmed the government’s support, citing the Prime Minister’s cashless initiative with three subcommittees already working on innovation, adoption, and oversight.

He highlighted Mashreq Digital Bank’s rollout, noting that it had hired 400 staff and set up teams in 19 cities, signaling strong private-sector participation in Pakistan’s digital finance journey.

Officials believe full digitization will cut leakages in government payments, improve tax compliance, and expand financial inclusion. Economists note that a cashless transition could add several percentage points to GDP growth by increasing transaction efficiency and broadening the tax base.

Legislative Agenda and Wider Economic Context

Beyond payments, the Standing Committee also reviewed pending legislation, including:

• The Corporate Social Responsibility Bill, 2025, proposing penalties up to Rs. 1 million for non-disclosure of CSR spending.

• The Parliamentary Budget Office Bill, 2025, is now referred to a subcommittee for review.

• The Electric Vehicle Policy — deferred for further briefing with key industry officials.

SECP data revealed that out of 447 companies, 315 engaged in CSR in 2024, with Rs22 billion spent. However, 199 firms did not disclose spending, sparking debate over whether CSR should remain voluntary or become mandatory.

SBP Vision 2028: The Road Ahead

Pakistan’s journey toward a cashless economy is entering a decisive phase. With digital adoption already mainstream in retail payments, the government’s next challenge lies in executing a smooth migration of public payments, a process requiring not just technology but also legal, institutional, and consumer readiness.

If successful, analysts argue, Pakistan could leapfrog into the ranks of emerging economies leading in digital finance. However, failure to address financial literacy and cybersecurity could slow momentum.

For now, the SBP is betting on Vision 2028 to provide the foundation for a robust, secure, and inclusive digital financial system, one that could reshape how Pakistanis interact with money over the next decade.

ALSO READ: Governor SBP launches PRISM+ to modernize & strengthen payment infrastructure