ISLAMABAD: Digital payments are an enabler of transparency, trust, and opportunity, said JazzCash Chief Product Officer Aamir Aftab, who joined global leaders as a speaker on ‘the Evolution of Contactless Payments’ at Money20/20 Riyadh.
“When transactions move from cash to digital, citizens gain financial histories, businesses become part of the documented economy, and society as a whole benefits from greater inclusion”, he added.
Money20/20 is widely regarded as the premier global forum on digital financial services, uniting senior leaders from banks, payment networks, technology companies, investors, and regulators to chart the future of money.
Aftab also highlighted JazzCash’s commitment to women’s financial empowerment. He said today, women represent around 33 per cent of JazzCash’s customer base, up from 17 per cent three years ago, demonstrating the company’s commitment to financial inclusion.
JazzCash now aims to increase this share to 50 per cent by expanding access, designing inclusive products, and building confidence in digital finance for women across Pakistan.
Looking ahead, Aftab pointed out that Pakistan currently has nearly 57 million payment cards and around 179,000 POS machines. By introducing JazzCash Tap, JazzCash has effectively converted mobile phones in the hands of retailers into ‘POS machines,’ helping to bridge the payment infrastructure gap and enabling broader acceptance of digital transactions. This award-winning solution also earned JazzCash the Mastercard Award 2024 for ‘Pioneering Telco to Launch Tap on Phone.’
He further emphasized that the future of digital payments lies in convergence with embedded credit, loyalty, and personalization. JazzCash Raast QR is empowering interoperability by enabling payment acceptance from all banking apps, expanding access for underserved communities.
At the same time, NFC-based JazzCash Tap is set to transform urban experiences, while global trends in wearables will embed payments seamlessly into daily life.
“The next phase of Pakistan’s cashless journey is about smarter transactions that unlock growth for every segment of society,” Aftab noted. “From women entrepreneurs to small retailers, digital payments are enabling people to participate fully in the economy.”
Speaking on the panel, Aftab reiterated that digital payments are central to documenting Pakistan’s economy, driving inclusion, and empowering underserved communities. JazzCash has Pakistan’s largest payment acceptance network with nearly 600,000 merchants and close to 80 per cent share of Raast P2M, Pakistan’s first instant payment platform, and QR transactions. The company also processes one in every three e-commerce payments in Pakistan and today serves 53 million customers, underlining its pivotal role in creating a cashless economy.
Copyright Business Recorder, 2025
