SBP governor outlines vision for more inclusive digital payments ecosystem

State Bank of Pakistan (SBP) Governor Jameel Ahmad has welcomed the launch of the HBL–UnionPay International–PayPak co-badged debit card, describing it as a major milestone in Pakistan’s transition toward a modern, secure, and inclusive digital payments ecosystem.

Speaking at the launch ceremony on Wednesday, the governor said the co-badged card combines the strength of PayPak, Pakistan’s domestic payment network, with the global acceptance of UnionPay International, enabling customers to make seamless transactions both locally and internationally.

He said the initiative supports SBP Vision 2028 and the Prime Minister’s Cashless Pakistan initiative, which aim to build a more inclusive, digital, and resilient financial system.

Highlighting recent progress in digital payments, Ahmad said the volume of retail digital transactions nearly doubled over the past year, increasing from 6.9 billion to almost 12 billion. During the same period, the number of active merchants accepting digital payments grew from around 500,000 to more than 2 million, while mobile banking app users reached nearly 137 million.

He also noted that the share of home remittances received through digital channels increased from 80% to 92%, reflecting growing public confidence in digital financial services and the country’s shift toward a cash lite economy.

The SBP governor emphasized that domestic payment platforms such as PayPak and Raast should remain at the core of Pakistan’s digital economy. He said PayPak should become the preferred network for domestic debit card issuance, while co-badged cards would provide customers with international payment capabilities.

Ahmad urged banks, digital banks, fintech companies, payment service providers, merchants, and other stakeholders to expand digital payment acceptance, strengthen cybersecurity, enhance customer awareness, and continue delivering secure and reliable payment services.

Congratulating HBL, UnionPay International, PayPak, and 1LINK on the partnership, the governor said the collaboration demonstrates how domestic and international payment networks can work together to drive innovation, expand financial inclusion, and accelerate Pakistan’s transition toward a digitally enabled economy.