{"id":6277,"date":"2025-12-04T11:34:21","date_gmt":"2025-12-04T06:34:21","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=6277"},"modified":"2025-12-04T11:42:41","modified_gmt":"2025-12-04T06:42:41","slug":"building-secure-cost-effective-digital-payments-ecosystem-a-top-priority-sbp-governor","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=6277","title":{"rendered":"Building secure, cost\u2011effective digital payments ecosystem \u2018a top priority\u2019: SBP Governor"},"content":{"rendered":"

KARACHI: The State Bank of Pakistan<\/a> (SBP) Governor Jameel Ahmad on Tuesday reaffirmed the central bank\u2019s commitment to strengthening the country\u2019s digital payments landscape, emphasing the need for a regulatory framework that drives innovation, competition, and consumer protection.<\/em><\/p>\n

Speaking at the launch of a new co-badged card introduced by Faysal Bank Limited in partnership with Mastercard and Pakistan\u2019s domestic payment scheme PayPak, the governor highlighted the importance of fostering a secure, interoperable, and self-sustaining payments infrastructure. The event marked another step in Pakistan\u2019s transition toward modern digital financial services.<\/p>\n

According to an SBP statement, Ahmad said the central bank remains focused on ensuring a level playing field for all stakeholders, including international payment networks. He noted that co-badging\u2014where a single debit, credit, or prepaid card carries more than one payment brand\u2014offers greater flexibility and wider acceptance for consumers.<\/p>\n

The governor added that the newly launched co-badged card will enable consumers to make international and e-commerce payments seamlessly, while domestic transactions will continue to be settled within Pakistan. This, he said, will enhance efficiency, promote digital transactions, and reduce reliance on external networks.<\/p>\n

Co-badging has recently gained momentum in Pakistan. Last month, PayPak and UnionPay unveiled a similar card, underscoring PayPak\u2019s strategy to collaborate with global payment schemes. \u201cMore banks are expected to adopt these models due to their strong value proposition,\u201d Ahmad said.<\/p>\n

Despite PayPak\u2019s sizable footprint\u2014holding over 25% of the 53 million debit cards in circulation\u2014its usage share remains low at just 6%, as per SBP data. Ahmad attributed this gap to limited e-commerce and international acceptance, subdued marketing efforts, and the perception of PayPak as a low-value option.<\/p>\n

He stressed that these challenges must be addressed to transform PayPak into a sustainable and competitive domestic payment scheme and to accelerate Pakistan\u2019s broader digital payments agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"

KARACHI: The State Bank of Pakistan (SBP) Governor Jameel Ahmad on Tuesday reaffirmed the central bank’s commitment to strengthening the country’s digital payments landscape, emphasing the need for a regulatory framework that drives innovation, competition, and consumer protection. Speaking at the launch of a new co-badged card introduced by Faysal Bank Limited in partnership with […]<\/p>\n","protected":false},"author":1,"featured_media":6000,"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":[2],"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