Pakistan and Mastercard discussed ways to expand digital payments, improve cross-border remittances and prevent fraud during talks in Islamabad on Wednesday. Finance Minister and Senator Muhammad Aurangzeb met a delegation led by Mark Elliott, Mastercard’s division president for East Arabia. The talks formed part of the prime minister’s cashless economy initiative. They also covered how to extend financial services to farmers, small businesses and other underserved groups.
Aurangzeb acknowledged Mastercard’s longstanding work with Pakistan’s financial sector and welcomed its continued engagement and investment. He said the government wants digital payments to make transactions more efficient and transparent. Wider access to financial services is also a priority. He singled out agriculture and small and medium enterprises as areas where digital financial tools could help reach more people.
Remittances and Payment Security on the Agenda
The two sides explored ways to improve remittance services and strengthen the infrastructure that supports digital payments. Aurangzeb said cybersecurity and fraud prevention should remain central as the country expands its payment network. Elliott said Mastercard wants to bring its technology and international experience to that work. He identified merchant acceptance, financial inclusion, remittances and cybersecurity as areas for further cooperation.
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Elliott reaffirmed Mastercard’s long-term commitment to Pakistan. Aurangzeb said the government would support innovation and strengthen partnerships between public agencies and private companies. Both sides agreed to stay in contact and explore specific projects. The government’s readout gave no project timeline or investment figure. The delegation also included Arslan Khan, country manager for Pakistan and Afghanistan, and Jibran Jamshad, public sector director for both countries.
Digital Channels Handle 92% of Recorded Retail Payments
The meeting comes as digital channels handle a growing share of payments recorded by Pakistan’s banking system. The State Bank of Pakistan counted 3.7 billion retail payments from January through March 2026. That was a 9% increase from the previous quarter. The transactions totalled Rs168.8 trillion. Digital channels handled about 3.4 billion transactions, or 92% of recorded retail payments by volume. The figures cover channels such as mobile banking apps, digital wallets, online banking, ATMs and point-of-sale terminals. They exclude cash payments outside the banking system.
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Remittances also came up in a separate meeting with Mastercard on Thursday. Bilal Bin Saqib, minister of state and chairman of the Pakistan Virtual Assets Regulatory Authority, discussed how blockchain-based systems might improve cross-border transfers. The government said Pakistan receives more than $40 billion in remittances annually. That meeting also covered tokenisation, which involves representing assets digitally. The finance minister’s talks centred on payment acceptance, access to financial services and safeguards against fraud.
