While still modest, at around 3 percent, growth in FY21 is now projected to be higher than previously anticipated due to improved prospects for manufacturing and reflecting in part the monetary and fiscal stimulus provided during Covid, stated MPC.
“In the last few years, digital payment transactions in Pakistan have shown significant growth, reflecting the favourable impact of the SBP’s policies in shifting customer preferences. Expansion in digital payment infrastructure as well as the emergence of new payment aggregators have played a role in this growth,” said SBP.
It is pertinent to mention that the SBP already has longstanding MoUs / arrangements with several international regulatory bodies/central banks, after approval of the Federal Government, read the ministry statement.
In this backdrop, 21 ADs have already developed their portals, started onboarding their customers and receiving FX cases digitally, while the rest are in process of developing their digital platforms/ portals.