Karachi: The State Bank of Pakistan (SBP) has started implementing the Micro Payment Gateway in order to make retail payments faster and more convenient, according to a news source. This digital micro-payment infrastructure system is being implemented in coordination with the Bill and Melinda Gates Foundation.
It allows fund transfers to be made at fast speeds (almost in real time), and will increase the popularity of online payments in both the public and private sectors. SBP Governor Raza Baqir announced that the financial body would implement this system in the bank’s Annual Performance Review 2018-2019.
It is expected that this system will speed up the collection of money for both the public and private sectors, and ensure the timely dispensation of salaries and pensions.
This Micro Payment Gateway will make online retail payments fast and easy with advanced Application Programming Interfaces (APIs) and directory services. This system will simplify payment mechanisms in Pakistan and make conducting business here easier.
In addition, the SBP has developed the Asaan Mobile Account (AMA) Scheme that allows any person owning a mobile phone to open a digital transaction account through a Unified Unstructured Supplementary Service Data (USSD) code, from any place and at any time.