JazzCash outlines three-year plan to expedite Pakistan’s cashless transition

KARACHI: JazzCash, Pakistan’s leading fintech platform, has unveiled its three-year roadmap to accelerate the country’s journey towards a cashless society, a statement said on Wednesday.

The roadmap was presented by President of JazzCash Murtaza Ali and his team to, Group CEO of VEON and Chairman of Jazz Board Kaan Terzioglu and CEO of Jazz and Chairman of Mobilink Microfinance Bank Aamir Ibrahim. VEON reaffirmed its commitment to supporting JazzCash’s vision, offering its global resources and expertise to solidify the digital payment ecosystem in Pakistan.

The transition to a cashless society is the key to unlock Pakistan’s true growth potential, integrating the informal economy into the formal sector, driving financial inclusion, facilitating greater tax compliance and ultimately boosting government revenues, positioning Pakistan for a more robust and sustainable socioeconomic landscape.

VEON, the largest Nasdaq-listed company with its headquarters in Dubai, is a global digital operator providing integrated connectivity and digital services across six countries. It also recently announced a $15 million investment in Mobilink Microfinance Bank to advance its strategic goals, including promoting MSME growth, expanding into Islamic banking, and strengthening its digital capabilities.

Kaan Terzioglu said, “As a leader in Pakistan’s digital ecosystem, we are committed to driving the transition to a cashless society and ensuring that every Pakistani citizen and micro-entrepreneur has access to affordable payments, savings, credit, and insurance services that meet their diverse needs.”

Aamir Ibrahim said that with nearly 20 million monthly active users, JazzCash is driving a shift from a cash-based economy to a digital one, contributing to the State Bank of Pakistan’s vision and the government’s goal of digitising the economy.

“Today, JazzCash has the largest QR payments network in Pakistan, with over 360,000 merchants, and the country’s largest digital loan issuer, having disbursed 80 million loans for productive purposes,” Ibrahim said.

In 2024, JazzCash processed a transaction value equivalent to approximately 9.0 per cent of Pakistan’s GDP and accounts for more than 50 per cent of all IDs on Pakistan’s national payment platform, RAAST, underscoring its critical role in the country’s economic fabric. At the heart of JazzCash’s mission is a commitment to financial inclusion, particularly for women.

Going forward, JazzCash aims to expand its footprint in the region, especially in the Gulf, to facilitate cross-border payments. It already has a partnership with the United Arab Emirates-based financial service provider, du Pay, for smooth cross-border transactions powered by Western Union, enabling Pakistani nationals to send money directly to JazzCash mobile wallets back home.