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 the initiative as a major step towards strengthening Pakistan’s digital payments ecosystem and supporting the vision of a Cashless Pakistan.
Speaking at the launch ceremony, the SBP Governor said the new payment solution combines Pakistan’s domestic payment infrastructure with the global acceptance of an international payment network, allowing customers to make secure and convenient transactions both within the country and internationally.
He said the partnership reflects SBP’s long-term vision for PayPak to develop a secure, affordable and locally governed payment system capable of supporting Pakistan’s expanding digital economy.
Governor Jameel Ahmad said the launch is aligned with SBP Vision 2028 and the government’s Cashless Pakistan Initiative, which aim to promote financial inclusion, strengthen digital payments and build a more resilient financial system.
He emphasised that digital transformation is not limited to replacing cash transactions but focuses on creating an ecosystem where individuals and businesses can conduct payments safely, efficiently and seamlessly.
Highlighting the progress of Pakistan’s digital financial sector, the SBP Governor said digital payment adoption has increased significantly in recent years.
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He said the volume of retail digital transactions rose from around 6.9 billion to nearly 12 billion during the past year, while the number of active merchants increased from approximately 500,000 to more than 2 million.
He added that mobile banking app users have reached nearly 137 million, while the proportion of home remittances received through digital channels increased from around 80 percent to 92 percent.
According to the Governor, these figures demonstrate growing public confidence in digital financial services and reflect Pakistan’s transition towards a cash-lite economy.
Governor Ahmad stressed that domestic payment platforms, including PayPak and Raast, must remain at the centre of Pakistan’s digital financial ecosystem.
He said the country’s payment infrastructure must continue to evolve with changing technologies while ensuring security, reliability and resilience.
The Governor noted that PayPak should become the preferred option for domestic debit card issuance, while co-badged cards can provide international payment facilities whenever required.
Calling for greater collaboration, Governor Jameel Ahmad urged banks, digital banks, fintech companies, payment service providers and merchants to expand digital payment acceptance, improve cybersecurity and enhance customer awareness.
He said the successful launch of the HBL, UnionPay International and PayPak co-badged debit card highlights the importance of cooperation between local and international payment networks.
The partnership, he added, will help encourage innovation, strengthen financial inclusion and accelerate Pakistan’s transition towards a secure and digitally enabled payment ecosystem.
