The specialised committees formed by the Prime Minister to promote a cashless economy have set ambitious national targets for the fintech sector, with the State Bank tasked to support and expand digital financial inclusion.
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Under the PM Cashless Economy initiative, targets include increasing active digital merchants to 2 million by FY2025–26, growing mobile and internet banking users from 95 million to 120 million in a year, and doubling the volume of digital payments to 15 billion annual transactions. Another key objective is to ensure that 100 per cent of overseas remittances are routed into bank accounts or mobile wallets, eliminating cash payouts altogether.
With over 143 million broadband users, Pakistan has the infrastructure to accelerate digital adoption, and mobile wallets are now surpassing traditional bank accounts in usage. Among the enablers, JazzCash has emerged as the largest and most trusted digital financial service provider in Pakistan.
Launched in 2012, JazzCash today boasts 21 million monthly active users, including 15 million app users, making it the market leader in digital wallets. The platform’s success lies in its user-friendly design, easy account opening within minutes, and wide range of services.
Khayam Siddiqi, Head of Communication at JazzCash, highlighted the impact of this growth:
“The rise of mobile digital accounts is driven by their simplicity and accessibility. Opening a JazzCash account takes minutes without paperwork or branch visits. Beyond payments, JazzCash provides nano loans, savings, insurance, welfare disbursements, and more — all in one place.”
JazzCash has particularly transformed financial access in rural areas where banking presence is limited, empowering millions with reliable and secure digital services. As Pakistan transitions towards a cashless economy, JazzCash remains at the forefront of innovation and inclusion, strengthening the government’s vision of reducing reliance on physical currency.
