Key Takeaways
- Governor SBP, Jameel Ahmad, welcomed the launch of a co-badge debit card.
- The initiative aims to support Pakistan’s journey towards a cashless economy.
- Digital transactions have seen significant growth in recent years.
Governor State Bank of Pakistan (SBP), Jameel Ahmad, has expressed his satisfaction with the launch of a co-badge debit card by HBL, UnionPay International and PayPak. Speaking at the ceremony, Governor Ahmad highlighted that this partnership marks an important milestone in Pakistan’s digital payments ecosystem.
The new co-badge payment solution combines the robust domestic infrastructure of Pakistan with the global acceptance provided by international networks, aligning with SBP Vision 2028 and the Prime Minister's Cashless Pakistan Initiative. This initiative aims to make Pakistan’s financial system more inclusive, digital, and resilient.
Highlighting recent progress in digital payments, Governor Ahmad noted that the volume of retail digital transactions has increased from approximately 6.9 billion to nearly 12 billion over the past year. The number of active merchants has also grown significantly, expanding from around half a million to more than two million. Mobile banking app users have reached nearly 137 million, and the share of home remittances credited through digital channels has risen from about 80 percent to 92 percent.
The Governor emphasized that robust payment infrastructure is crucial for Pakistan’s digital economy. He stressed that domestic payment systems like PayPak and Raast must remain central to the country's financial landscape as emerging technologies continue to reshape financial services. According to him, PayPak should serve as the preferred choice for domestic debit card issuance, while co-badge cards can provide international payment functionality where required.
Governor Ahmad called upon banks, digital banks, payment service providers, fintechs, merchants, and other stakeholders to expand digital acceptance, strengthen cybersecurity, promote customer awareness, and deliver secure, reliable, and customer-centric payment services. He congratulated HBL, UnionPay International, PayPak, and 1LINK on the successful launch of this innovative partnership.
The Governor’s remarks underscored the importance of collaboration between domestic and international payment networks in fostering innovation, deepening financial inclusion, and accelerating Pakistan's transition towards a digitally enabled, cash-lite economy. This initiative is seen as a significant step forward in achieving the goals set out by SBP Vision 2028.
The co-badge payment solution combines the strength of Pakistan’s domestic payment infrastructure with the international acceptance of a global payment network.
Governor Jameel Ahmad, SBP Governor
PayPak should become the preferred choice for domestic debit card issuance, while co-badge cards can provide international payment functionality where required.
Governor Jameel Ahmad, SBP Governor
