Karachi: State Bank of Pakistan (SBP) Governor Jameel Ahmad has welcomed the launch of the HBL, UnionPay International and PayPak co-badged debit card, describing it as a significant step towards strengthening Pakistan’s digital payments ecosystem.
Speaking at the launch ceremony, the governor said the new payment solution combines Pakistan’s domestic payment infrastructure with the global acceptance of an international payment network, enabling customers to make seamless transactions both locally and abroad.
He said the initiative supports SBP Vision 2028 and the Prime Minister’s Cashless Pakistan Initiative, which aim to promote digital payments, financial inclusion and a more resilient financial system.
Highlighting the country’s progress in digital finance, Ahmad said retail digital transactions increased from around 6.9 billion to nearly 12 billion over the past year, while the number of merchants accepting digital payments grew from about 500,000 to more than 2 million. He added that mobile banking app users reached nearly 137 million, and the share of home remittances received through digital channels rose from around 80% to 92%.
The governor said domestic payment platforms, including PayPak and Raast, should remain central to Pakistan’s digital economy. He also called on banks, payment service providers, fintechs and other stakeholders to expand digital payment acceptance, strengthen cybersecurity and enhance customer awareness.
Congratulating HBL, UnionPay International, PayPak and 1LINK on the partnership, Ahmad said the collaboration would help accelerate Pakistan’s transition towards a more inclusive and digitally enabled economy.
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