The State Bank of Pakistan (SBP) has outlined its strategic vision for payment systems, services, products, and channels, encompassing various methods such as debit, credit, prepaid, QR codes, wallets, and faster payments. Key players in payment systems include central banks, traditional banks, non-banks like Fintechs, EMIs, PSOs/PSPs, digital banks, and third-party service providers. The landscape also involves payment schemes, RTGS, and clearing houses.
The article provides an overview of related legal frameworks and developments, touching on acts like the SBP Act, BCO, AMLA 2010, the Payment Systems & Electronic Fund Transfers Act (PS&EFT Act, 2007), and SBP’s foreign exchange policies. It explores cross-border integrations, addressing the need, prerequisites, and integration challenges.
Facilitated by Mr. Shoukat Bizinjo, Additional Director of the Digital Financial Services Group at SBP, the session features insights from experts such as Syed Muhammad Taha and Rehman Pervez. Mr. Taha, Joint Director of the Digital Financial Services Group, brings expertise in large-value payment systems and significant contributions to initiatives like PRISM. Mr. Rehman Pervez, Deputy Director of Payment Systems Policy & Oversight Department, specializes in licensing fintechs, policy formulation, and cross-border integrations.
The article concludes with the announcement of Euronet as SBP’s payment partner, aiming to enhance Pakistan’s financial landscape. Euronet Pakistan, a division of Euronet Worldwide, is known for its global expertise in card issuance, POS acquiring, ATM driving, e-commerce processing, and digital payment programs. The partnership aligns with SBP’s vision for a progressive digital financial ecosystem. *Raqami*, with its banking as a service and Shariah-compliant digital offerings, aspires to boost financial inclusion, complementing SBP’s goals.
