SBP governor calls for rapid digitisation of payments

KARACHI: Stressing the need for rapid digitisation of payments, Governor of State Bank of Pakistan Dr. Reza Baqir said on Saturday heavy reliance on cash and limited use of digital channels reduces economic efficiency, hinders financial and economic development and impedes the goal of documenting the economy.

He was speaking at a workshop titled ‘Digital Payments Reforms’ organised by SBP in collaboration with the World Bank.

The objective of the workshop was to share a draft National Payment Systems Strategy and solicit the input of key stakeholders involved in its implementation. The workshop was attended by senior officials from PTA, NADRA, SECP, FBR, the PM office’s Strategic Reforms and Implementation Unit, Banks, Telcos, Electronic Money Institution (EMIs), PSO/PSPs and Fintechs.

Dr. Baqir led the workshop, while Chairman PTA, Major General (Retd) Amir Azeem Bajwa, and Country Director World Bank, Illango Patchamuthu were also present at the occasion.

The governor emphasised the importance of building a modern and robust payment system in the country that enables provision of cost effective and easily available digital financial services to the general public.

This, he stated is a key strategic objective of SBP. Governor Baqir shared SBP’s plans for leading an aggressive adoption and implementation of the National Payment Systems Strategy in the country.

He emphasised that interoperability is key to achieving faster digitisation goals. He also informed the participants that a new faster payment gateway will be launched next year to facilitate instant transfer of funds.