SBP Asks Banks to Speed Up Adoption of PayPak Cards

Deputy Governor, State Bank of Pakistan, Jameel Ahmad, has emphasized the need for the adoption of domestic payment scheme, PayPak card, by banks in order to provide cost effective, ubiquitous and digital payment instrument to consumers.

He was addressing senior banking and financial industry executives at the event “PayPak – The Way Forward” held at State Bank of Pakistan head office Karachi on 07th December, 2017.

Deputy Governor, SBP in his speech reflected on the prevailing use of cash and financial exclusion in the country that reduces the overall economic efficiency and hampers the development of financial sector to its realizable potential.

Citing key infrastructural gaps in Pakistan for electronic payments, he highlighted that SBP’s key strategic objective is to build modern and robust Payment Systems in the country that enables the provision of cost effective and easily available Digital Financial Services (DFS) to the general public.

The Deputy Governor further talked about the importance of domestic payment schemes in the development of key payments infrastructure by incentivizing both consumers and merchants while providing interoperability. While highlighting full support of SBP to the adoption of PayPak cards by all banks for issuing and acquiring, he encouraged banks to devise strategies for increasing the uptake of PayPak cards.

He advised banks to step up efforts for rationalizing the cost of digital transactions by reviewing Merchant Discount Rate, increasing access points, and ensuring the safety and security of payment instruments to safeguard consumers’ money.

Syed Irfan Ali, Executive Director SBP also talked about the importance of collaboration and partnerships of banks with non-bank such as Fintechs to provide efficient and affordable payment solutions to consumers. He advised all banks to comply with SBP’s guidelines of EMV compliance to payment card security by stipulated timelines as no exemption or relaxation will be allowed to any bank beyond 30th June, 2018.

Ameer Karachiwala, Chairman of 1Link Board of Directors also spoke about the vision of PayPak cards and its significance in achieving SBP’s strategic objective of financial inclusion and modernizing payments system.

CEO 1Link, Najeeb Agrawala, also briefed about the initiatives of 1Link in facilitating digital payments in Pakistan, like IBFT and bill payments solution and future initiatives such as QR 1 and various affiliate programs.

  • Xahid

    That’s not enough to speed up the process, they should put the danda in every bank!

    • Needs More Danda to Secure People Accounts :
      SBP Ko Waisy Bhi Awam Se Kuch Farq Nahi Pharta :)


    Fazul Pay Pak. Jis ko koi puchta bhi nhi, china kay union pay ko koi nhi puchya s third class kay pay pak ka hum ne achar dalna hai, har jagha VISA and Mastercard hi chalta hai

    • Jab bat ka pta na ho to bhai plz study kar lia karo.
      It will reduce burden on dollar and save foreign exchange reserve which is used by banks to settle even local payments.

      • BADAR

        Then from where we can purchase anything from it?

  • seefi_boy

    Everything else is useless, just bring paypal in Pakistan you idiot Govt ppl…