Dr. Reza Baqir, Governor, SBP Launches Pakistan’s National Payment Systems Strategy to Accelerate Digital Transformation

Posted on Jan 27, 2020 by Sharoon Rasheed, Deputy Director, Payment Systems Department and Rehman Pervez, Deputy Director, Payment Systems Department, State Bank of Pakistan

Pakistan is a country of more than 220 million people, with a labor force of approximately 61 million and GDP of around USD 300 billion. According to the United Nations Development Programme (UNDP), Pakistan currently has one of the largest young populations in the world, with 60 percent of the entire population falling under the age bracket of 30 years. With a progressive regulator that is facilitating technological innovations in banking and payments, an increasing digital penetration of more than 162 million cellular & 72 million 3G/4G subscribers and the rising use of smartphones, Pakistan is all set for a digital revolution.

Pakistan has made considerable progress in the area of digitization of payments, especially in the global backdrop of a rapidly evolving technological landscape. Particularly over the last decade, the State Bank of Pakistan (SBP), as the country’s central bank, has been responding to the challenge of financial exclusion by promoting the use of technology to improve financial access.

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National Payment Systems Strategy

One of the tactical objectives of Vision 2020 was to develop the National Payment Systems Strategy (NPSS) for the country. For this purpose, SBP started work on developing a National Payments Strategy with assistance from the World Bank’s Payment Systems Development Group. The Strategy was developed after detailed discussions with all stakeholders in the country and was formally ... Read more in the CBPN Members' Library with your annual subscription

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