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ABR 2025 26(Entrepreneurial)printed 56 · PDF 66
102 pagesrevision 50940
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Pakistan has been a cash economy for a
whole
half-century.
From
dinner
groceries to school fees and even
property
purchases,
the
sound
of
crumpled
rupee
notes
has
accompanied everyday commerce. Yet,
with
fintech,
mobile
wallets,
and
government policies, Pakistan stands on
the cusp of a digital revolution. The
question is now not whether cash
remains king but how long before it is
overthrown.
Globally, countries such as China and
Sweden have already transitioned to
nearly cashless societies. Wallets have
taken the backseat, replaced by QR
codes,
NFC,
and
peer-to-peer
transactions.
Pakistan
has
lagged
behind,
largely
due
to
financial
exclusion, illiteracy regarding digital,
and infrastructural deficits. That was
altered with the advent of fintech apps
like Easypaisa, JazzCash, SadaPay, and
NayaPay—all of which gave ordinary
Pakistanis exposure to the economy
without necessarily needing to maintain
a traditional banking account. The actual
turning point, however, came with the
introduction of Raast, the nation's first
state-sponsored
instant
payment
system. Free digital transactions with
Raast marked the commitment of the
state
to
establishing
a
cashless
economy.
COVID-19: The Unintended Catalyst
The COVID-19 pandemic, for all the grief
that it has caused, has accelerated
digital adoption. In a world suddenly
dreading contact, contactless payment
was the safe and attractive choice.
Supermarkets
started
accepting
payments through QR codes. Street
hawkers, with wallets in mobile form,
became part of the digital economy.
Online
shopping
grew,
and
digital
wallets grew right along with it. Mobile
banking transactions from year to year
have increased over 100% since 2020,
according to the State Bank of Pakistan.
Town and country dwellers were not
only sending money using apps—but
paying bills, refilling phones, and buying
stuff online for the first time became the
norm
Fintech Startups: Convenience Beyond
Measure
It's not about convenience—it's about
inclusion. Companies such as NayaPay
and SadaPay are capturing Pakistan's
unbanked masses with sophisticated,
app-based experiences and virtual debit
cards. They're breaking the old barriers
to banking:
• No standing in lines
• No visiting the branch
• No filling out forms
• And, most importantly, no minimum
balance
By uniting fintech and user-experience
design, these businesses are making
Gen
Z
and
millennials
digital-first
consumers. But… What's Holding Us
Back? Until all these problems are
addressed, the dream of a cashless
Pakistan is an aspiration. 1. Trust issues:
Most Pakistanis still like cash because of
"safety" and control issues. 2. Digital
literacy: Huge populations have no trust
in mobile apps or online banking. 3.
Internet connectivity: Off-grid locations
are plagued by lack of connectivity, so
online payments are unreliable. 4.
56
Enterprise Edition
The Digital Push: A Global Shift Takes
Pakistan By Storm