State Bank of Pakistan (SBP) Governor Jameel Ahmad highlighted PayPak's central role in Pakistan's digital payments future, following the launch of an HBL, UnionPay International, and PayPak co-badged debit card. This initiative is a significant step towards a more inclusive, resilient, and digitally enabled payments ecosystem, supporting the government's "Cashless Pakistan" vision and SBP Vision 2028. The co-badged card combines domestic payment infrastructure with international acceptance, promoting secure and efficient digital transactions.
Ahmad noted the rapid growth in digital finance, with retail digital transaction volumes increasing significantly and mobile banking app users reaching nearly 137 million. Crucially, the share of home remittances credited through digital channels rose from 80% to 92%, reflecting growing public confidence and formalization of financial flows. He stressed that domestic platforms like PayPak and Raast must remain secure and central to the digital economy.
This push for digital payments and formalization of transactions, particularly remittances, could contribute to greater economic transparency and stability. A more robust and formalized financial system might indirectly support the Pakistani Rupee by reducing informal currency flows and enhancing the SBP's control over monetary policy, potentially influencing USD/PKR rates.
بحوالہ / Source: www.brecorder.com