Key Takeaways
- State Bank of Pakistan (SBP) Governor Jameel Ahmad emphasizes PayPak’s central role in digital payments.
- Retail digital transaction volumes have increased from 6.9 billion to nearly 12 billion over the past year.
- The launch of HBL’s co-badged debit card with UnionPay International and PayPak marks a significant step.
State Bank of Pakistan (SBP) Governor Jameel Ahmad has highlighted the pivotal role that PayPak will play in shaping Pakistan's digital payments landscape. Speaking at the launch event for HBL’s co-badged debit card with UnionPay International and PayPak, Ahmad underscored the importance of a robust domestic payment infrastructure to support the country's broader financial ecosystem.
Ahmad stated that PayPak is expected to serve as the preferred platform for domestic debit card issuance, complementing existing schemes by providing international payment functionality. This initiative aligns with SBP Vision 2028 and the prime minister’s Cashless Pakistan initiative, both of which aim to create a more inclusive, digital, and resilient financial system.
The governor pointed out significant progress in digital finance over the past year. Retail digital transaction volumes have surged from around 6.9 billion to nearly 12 billion transactions. Additionally, the number of active merchants accepting digital payments has increased sharply from about 500,000 to more than 2 million. Mobile banking application users now total nearly 137 million, and the share of home remittances credited through digital channels has risen from around 80% to 92%, reflecting growing public confidence in digital financial services.
Ahmad stressed the need for continued innovation, urging banks, digital banks, payment service providers, fintechs, and merchants to collaborate closely. He emphasized the importance of expanding digital payment acceptance, strengthening cybersecurity measures, and enhancing customer awareness. The SBP governor highlighted that the partnership between HBL, UnionPay International, PayPak, and 1LINK 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.
The launch of this co-badged debit card is seen as a significant milestone in the country's digital payments journey. It aims to bridge the gap between local and global payment systems, providing customers with seamless transaction capabilities both within Pakistan and abroad. The governor expressed his satisfaction with the partnership, stating that it exemplifies how collaboration can drive innovation and financial inclusion.
Ahmad concluded by emphasizing the need for all stakeholders to work together to ensure the continued growth of digital payments in Pakistan. He called on banks, fintech companies, and merchants to collaborate more closely to expand digital payment acceptance, strengthen cybersecurity measures, and improve customer awareness.
PayPak must evolve to meet changing customer needs and emerging technologies.
Jameel Ahmad, SBP Governor
