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First Domestic Payment Scheme in Pakistan

Governor State Bank of Pakistan (SBP) has launched a secure and efficient payment system. This system will ensure the effective functioning of the financial system and it is integral to the provision of digital financial services. With the inauguration of Pakistan’s first domestic payment scheme, services can be availed through the use of mobile phones, kiosk or any other digital equipment.

This new domestic payment scheme is being named as “PayPak”. State Bank is hopeful that PayPak will compete in the domestic market with other international payment schemes. This shall only be used in Pakistan by common people so that they get the benefit of low-cost, affordability and security.

State Bank of Pakistan has one of the significant goals for the year 2020 that it will transform the digital payment landscape by ensuring digital financial access to both the underserved and less privileged society. In addition, it will also minimize the transaction with the complete improvisation of the efficiency.

Now the State Bank of Pakistan is optimistic that PayPak will provide the safe, affordable and efficient alternative to the current banked population of Pakistan. On the other hand, it will give low-cost services to the unbanked people of the country. This scheme will also enable people to use plastic cards. With this, there would be a reduction in the outflow of foreign exchange to international payment schemes as a part of fee payment. Pakistan’s financial sector can effectively take advantage of this new scheme by making more investments.

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

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First Domestic Payment Scheme in Pakistan

Governor State Bank of Pakistan (SBP) has launched a secure and efficient payment system. This system will ensure the effective functioning of the financial system and it is integral to the provision ...