Islamabad: The government plans to introduce a digital payment system for essential items, under which all modes of transactions will be made through smartphones, a news source reported.
Federal Minister for Science and Technology Fawad Chaudhry recently revealed some details pertaining to the matter. He said that he has devised a plan for this purpose.
The minister said that he came up with the idea for an integrated payment system during a visit to China, where almost every transaction takes place on smartphones.
He stated that credit and debit cards would likely be abolished in the future due to technological advancements. At present, different banks and cellular companies have a digital system for paying utility bills.
Chaudhry said that the Ministry of Science and Technology would develop the technology by taking inputs from banks and cellular companies concerned. Moreover, the minister said he has conveyed his proposal to the finance ministry, as well as the State Bank of Pakistan (SBP).
