Pakistan has taken a significant step toward modernizing its digital payment landscape with the recent introduction of Google Wallet, a move announced in March 2025.
This development, coupled with emerging crypto-related initiatives, signals the country’s intent to align with global technological trends.
However, despite these efforts, Pakistan lags far behind international standards in technology and cryptocurrency adoption, grappling with deep-seated economic challenges and a heavy reliance on foreign financial aid from the International Monetary Fund (IMF), Middle Eastern nations, and China.
The launch of Google Wallet in Pakistan marks a pivotal moment for the nation’s fintech ecosystem. Officially rolled out in March 2025, the service enables contactless payments through partnerships with major financial institutions like Bank Alfalah, HBL, Meezan Bank, and JazzCash, with support for Visa and Mastercard transactions.
Users can also store loyalty cards and boarding passes, while integrations with e-commerce platforms like Gul Ahmed and K-Electric are in the pipeline.
Farhan Qureshi, Country Director for Google Pakistan, hailed the launch as a boost for financial inclusion and economic opportunities, aligning with the government’s push for a cashless economy. But these developments should have come well before 2025. This slow adoption is mainly due to poor policies and lack of awareness about transformative Fintech and business trends.
Yet, with NFC penetration estimated at just 35% among the Asian nation’s banked population, the infrastructure for widespread adoption remains underdeveloped, limiting its immediate impact.
On the crypto front, Pakistan is showing tentative signs of progress. In March 2025, the government established the Pakistan Crypto Council (PCC) to regulate blockchain technology and digital assets, aiming to integrate them into the financial system.
This follows the appointment of a Web3 investor as a crypto advisor earlier in the year to craft a regulatory framework. However, significant improvements are needed and the nation needs more experienced Fintech industry professionals with a better understanding of global trends.
These moves come amid global crypto developments, notably India’s recent embrace of Coinbase, which has heightened regional competition. However, Pakistan’s efforts pale in comparison.
While individuals in the country reportedly hold significant crypto-assets, government support for Web3 and blockchain innovation has been minimal, leaving the sector largely unregulated and untapped.
Pakistan’s sluggish pace in tech and crypto adoption is compounded by its dire economic situation.
The nation has faced recurring crises, with foreign exchange reserves dwindling to critical levels—covering just two weeks of imports in early 2023—before stabilizing at $9 billion in 2024, thanks to deposits from China, Saudi Arabia, and the UAE.
The International Monetary Fund (IMF) has approved a $7 billion, 37-month Extended Fund Facility in September of 2024, marking Pakistan’s 25th bailout since 1958.
This loan aims to stabilize the economy, but structural challenges persist: a debt-to-GDP ratio exceeding 70%, inflation that peaked at 38% in 2023, and interest payments consuming 68% of tax revenue.
Analysts warn that without debt restructuring—complicated by China’s role as the largest creditor—Pakistan risks perpetual IMF dependency.
Despite these seemingly positive digital initiatives, Pakistan still remains technologically and economically outpaced in Asia and globally as well.
Nearby India boasts a thriving fintech sector and relatively more crypto-friendly policies (although India is still well behind developed Western nations in this regard and should remain that way in the years to come based on current trends), while Pakistan struggles with significantly low productivity, inadequate investments in human capital, and governance issues stemming largely from corrupt officials and questionable government practices.
Google Wallet and the PCC are small steps forward, but their success hinges on addressing infrastructure gaps, economic vulnerabilities, and high levels of corruption.
For now, Pakistan’s extremely heavy reliance on foreign aid and constant loans overshadows its tech industry advancements, leaving it playing catch-up in a rapidly evolving digital economy.