{"id":3050,"date":"2025-01-23T14:59:33","date_gmt":"2025-01-23T09:59:33","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=3050"},"modified":"2025-01-23T14:59:33","modified_gmt":"2025-01-23T09:59:33","slug":"sbp-simplifies-merchant-account-opening-process-to-boost-digital-payments","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=3050","title":{"rendered":"SBP Simplifies Merchant Account Opening Process to Boost Digital Payments"},"content":{"rendered":"

The State Bank of Pakistan (SBP)<\/a> is streamlining the merchant account opening process to encourage digital payments and ease onboarding procedures for merchants, Deputy Governor Dr. Inayat Hussain informed the Senate Standing Committee on Finance on Wednesday.<\/p>\n

To make the process more accessible, SBP is reducing the account-opening forms from the current 16 pages to a simplified 2-3 page format. This initiative aims to promote financial inclusion and accelerate the adoption of digital payment systems across the country.<\/p>\n

The committee set a deadline of June 30, 2025, for the establishment of a comprehensive digital payment system. Dr. Inayat Hussain noted that SBP is collaborating with organizations like Karandaaz<\/a> and the Pakistan Banks Association to incentivize both merchants and consumers to adopt digital payment platforms, including QR code systems.<\/p>\n

Highlighting the financial impact of traditional payment methods<\/a>, he revealed that $138 million was paid in fees last year for using bank cards. The Finance Committee has directed the Ministry of Finance and SBP<\/a> to submit a progress report on these initiatives within six months.<\/p>\n

In other developments, the committee unanimously approved an amendment to the State-Owned Enterprises (SOE) Act, 2024. The amendment provides clearer guidelines for the governance of SOEs, with a focus on public sector companies where the federal government holds over 51 percent shareholding.<\/p>\n

The efforts reflect a broader strategy to enhance the efficiency and governance of financial and public sector systems in Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"

The State Bank of Pakistan (SBP) is streamlining the merchant account opening process to encourage digital payments and ease onboarding procedures for merchants, Deputy Governor Dr. Inayat Hussain informed the Senate Standing Committee on Finance on Wednesday. To make the process more accessible, SBP is reducing the account-opening forms from the current 16 pages to […]<\/p>\n","protected":false},"author":1,"featured_media":3051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t