The Government of Pakistan has moved to increase digital transactions in the national economy, replacing cash-based payments with digital payment solutions. The Securities and Exchange Commission of Pakistan (SECP) has issued directives requiring all financial institutions to implement digital payment systems.
As per the notification by SECP, banks, insurance firms, Modaraba firms, and securities brokers are given an ultimatum to implement a QR code payment system till October 31, 2025. All businesses have been asked to offer customers options of digital payments, display information on digital payment methods at their premises, and provide free digital payments, through QR codes.
The initiative is in line with those of Pakistan to promote digital banking and mobile wallets and cashless transactions as part of the government of Pakistan digital economy roadmap. It is also mandatory that businesses incorporate QR code payments to increase access, removal of financial barriers, and convenience in various sectors.
At the same time, the Consumer Protection Authority Pakistan has issued notices to restaurants, shopping malls, and coffee shops that are not accepting credit card payments. The Bureau of Supply and Prices has also warned of strict action against businesses that fail to provide digital transaction facilities alongside cash payments.
With SECP’s new directives, Pakistan’s digital payments system is expected to expand rapidly as companies adopt QR code payments, mobile banking integration, and card acceptance in line with government policies.
