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SBP calls for Banks to accelerate adoption of PayPak Cards for providing low cost, efficient payment solutions.

KARACHI:The Deputy Governor of State Bank of Pakistan (SBP), Jameel Ahmad, has emphasized the need for the

adoption of domestic payment scheme, PayPak card by banks in

order to provide cost effective, ubiquitous and digital payment

instrument to consumers.

He was addressing senior banking and financial industry

executives at the event "PayPak- The Way Forward" held at State

Bank of Pakistan head office Karachi on Thursday.

Deputy Governor, SBP in his speech reflected on the

prevailing use of cash and financial exclusion in the country

that reduces the overall economic efficiency and hampers the

development of financial sector to its realizable potential.

Citing key infrastructural gaps in Pakistan for electronic

payments, he highlighted that SBP's key strategic objective is to

build modern and robust Payment Systems in the country that

enables the provision of cost effective and easily available

Digital Financial Services (DFS) to the general public.

The Deputy Governor further talked about the importance of

domestic payment schemes in the development of key payments

infrastructure by incentivizing both consumers and merchants

while providing interoperability.

While highlighting full support of SBP to the adoption of

PayPak cards by all banks for issuing and acquiring, he

encouraged banks to devise strategies for increasing the uptake

of PayPak cards.

He advised banks to step up efforts for rationalizing the

cost of digital transactions by reviewing Merchant Discount Rate,

increasing access points, and ensuring the safety and security of

payment instruments to safeguard consumers' money.

Syed Irfan Ali, Executive Director SBP, also talked about

the importance of collaboration and partnerships of banks with

non-bank such as Fintechs to provide efficient and affordable

payment solutions to consumers.

He advised all banks to comply with SBP's guidelines of EMV

compliance to payment card security by stipulated timelines as no

exemption or relaxation will be allowed to any bank beyond June 30th.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Geographic Code:9PAKI
Date:Dec 13, 2017
Words:307
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