The Pakistani government is gearing up to introduce an initiative – the National Digital Wallet to promote a cashless economy. The digital rewards system, spearheaded by the National Database and Registration Authority (NADRA), aims to revolutionize the way transactions are conducted in the country.
Digital Rewards System – Linking Bills to Digital Rewards
As part of this innovative plan, 1% of electricity, gas, and fuel bills are slated to be linked to the digital rewards system. The Ministry of Information Technology has put forth these recommendations, envisioning a seamless integration of digital rewards into everyday transactions. The proposed guidelines will be developed in consultation with all stakeholders to ensure a comprehensive and effective implementation.
Encouraging Cashless Economy
To facilitate the launch of the National Digital Wallet, NADRA is set to partner with an Electronic Money Institution (EMI). Furthermore, the Pakistan Telecommunication Authority (PTA) will be directed to link airtime credit to digital rewards, providing an additional incentive for mobile users. The government, in its commitment to promoting cashless payments, also plans to announce rewards for fuel and utility payments, further encouraging the adoption of digital transactions.
The roadmap involves obtaining approvals from relevant stakeholders, leading to submissions of summaries to the Economic Coordination Committee (ECC) and the cabinet for formal sanctioning. The digital wallet balance, made available through OpenAI, is anticipated to empower fintech apps and services, thereby contributing to the growth of a robust digital financial ecosystem.
Read more: Pakistan’s Cash Economy Witnesses Rs. 475 Billion Decline in 5 Months
