Digital payments drive Pakistan’s shift away from a cash-based economy

JazzCash chief says mobile finance is expanding access, documentation, transparency nationwide

ISLAMABAD:

As digital payments reshape financial systems across emerging markets, Pakistan is undergoing one of the most significant transitions in its financial landscape.

Speaking to The Express Tribune, JazzCash International Chairman and Veon Group Executive Committee Member Aamir Ibrahim said fintech solutions have become essential in countries where traditional banking has historically struggled to reach underserved populations.

"In most frontier markets, mobile phones reached people long before banks did," Ibrahim noted. "That gap created an opportunity for fintechs to solve very basic, everyday problems – from making payments to opening a simple mobile wallet."

Today, that opportunity has reached a meaningful national scale. JazzCash now serves over 55 million customers, including 21 million who actively use the service.

The platform is supported by over 300,000 agents nationwide and a rapidly expanding merchant ecosystem. Ibrahim highlighted that over 650,000 Raast-enabled merchants now form Pakistan's largest financial access network, extending digital payments into major districts, markets and neighbourhoods.

He said that as economies digitise, the role of financial technology extends far beyond convenience. "Digital transactions leave a trace. They support documentation, transparency, and ultimately help governments manage and formalise economic activity," he added, pointing to global trends where governments increasingly view fintech as a partner in reducing the shadow economy.

Pakistan – one of the world's largest cash-dependent economies – is now moving rapidly towards greater digitisation. Ibrahim said government-led efforts to promote a cashless framework, including instant payment platforms such as the State Bank of Pakistan's Raast, have accelerated industry adoption.

"Pakistan is serious about digitising the economy," he said. "Cash is the enemy of documentation. Every digital transaction leaves a fingerprint that helps trace where money originated and where it went."

As Raast adoption grows, fintechs have become critical connectors between citizens, merchants and government systems. "A significant portion of Raast QR payments today happens through JazzCash," Ibrahim said, adding that private-sector participation has been key to scaling the network.