PayPak to play central role in Pakistan's digital payments future: SBP governor
- Urges industry collaboration to strengthen Pakistan's digital payments network
The SBP Governor launched a co-badged debit card by HBL, UnionPay, and PayPak, aiming to accelerate Pakistan's cashless economy and digital payments ecosystem, supporting both domestic and international transactions.
- The new co-badged card's dual functionality.
- Pakistan's rapid growth in digital transactions.
- SBP's vision for a secure payment infrastructure.
State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday said PayPak is expected to play a central role in the country’s digital payments future, as the central bank pushes to build a more inclusive, resilient and cash-lite financial ecosystem, the central bank said in a statement.
Speaking at the launch of HBL’s co-badged debit card with UnionPay International and PayPak, the governor said Pakistan’s domestic payment infrastructure must remain at the heart of the country’s digital economy, with PayPak serving as the preferred platform for domestic debit card issuance.
He said co-badged cards would complement the domestic scheme by providing international payment functionality, allowing customers to transact seamlessly both within Pakistan and abroad.
The governor said the initiative supports SBP Vision 2028 and the prime minister’s Cashless Pakistan initiative, aimed at creating a financial system that is more inclusive, digital and resilient.
Highlighting the country’s progress in digital finance, Ahmad said retail digital transaction volumes increased from around 6.9 billion to nearly 12 billion over the past year. The number of active merchants accepting digital payments also rose sharply from about 500,000 to more than 2 million.
He added that mobile banking application users reached nearly 137 million, while the share of home remittances credited through digital channels climbed from around 80% to 92%, reflecting growing public confidence in digital financial services.
Stressing the need for continued innovation, the SBP governor said PayPak must evolve to meet changing customer needs and emerging technologies. He urged banks, digital banks, payment service providers, fintechs and merchants to work together to expand digital payment acceptance, strengthen cybersecurity and improve customer awareness.
Congratulating HBL, UnionPay International, PayPak and 1LINK on the launch, Ahmad said the partnership demonstrates how collaboration between domestic and international payment networks can foster innovation, deepen financial inclusion and accelerate Pakistan’s transition to a digitally enabled, cash-lite economy.