Lahore:SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik has said in the modern global economy, transitioning to a cashless and paperless economy that has become essential for Pakistan to remain competitive.He stated this in a meeting with a women entrepreneurs' delegation led by Hafsa Abdullah here Sunday.The SAARC-CCI former president argued that the shift towards digital transactions and electronic records is not merely a trend but a necessity driven by the rapid advancements in technology and the demands of global trade."A cashless economy, where transactions are conducted electronically, offers numerous benefits: it reduces the reliance on physical currency, minimizing the risks associated with handling cash, such as theft and counterfeit money; and it promotes financial inclusion by making it easier for the unbanked population to access financial services through mobile banking and digital payment platforms. This inclusivity is crucial for Pakistan, where a significant por tion of the population remains outside the formal banking system. By embracing digital payments, Pakistan can streamline its economy, improve tax collection, and reduce the shadow economy," he explained.Malik said a cashless and paperless economy is not just desirable but necessary for Pakistan to thrive in the global market. It fosters economic efficiency, transparency, and inclusion, all of which are essential for sustainable development. Moreover, adopting a cashless and paperless economy is vital for Pakistan to attract foreign investment and engage in international trade more effectively. Global markets are increasingly favoring economies which are technologically advanced and efficient in their operations. By adopting these practices, Pakistan can enhance its competitiveness, reduce corruption, and improve overall economic growth.The delegation head Ms Hafsa Abdullah said that a paperless economy, characterized by the reduction of physical documentation in favour of electronic records, enhances eff iciency and transparency in both the public and private sectors. Digital records are easier to store, access, and manage, leading to significant cost savings and a reduction in administrative burdens. This shift also supports environmental sustainability by reducing paper consumption, aligning with global efforts to combat climate change, she observed.Other members of the delegation included Sana Ch, Amna, Nida, Sadia, Saba, Aiman, Fiza and Kashmala.