State Bank of Pakistan Governor Jameel Ahmad has described the rollout of the new HBL, UnionPay International, and PayPak co-badged debit card as a major turning point for the financial landscape of the country. Speaking at the formal launch event, the central bank chief emphasized that this unified payment solution supports the national push toward a modern, resilient, and inclusive digital economy. This step directly aligns with the federal vision of building a cashless society by integrating domestic payment systems with the global financial network to allow users to make transactions easily both at home and abroad.
The governor explained that the co-badged card represents the long-term plan of the State Bank of Pakistan for the domestic PayPak network. The primary objective is to establish a secure, cost-effective, and locally managed payment system that can sustain the country’s rapid digital growth. This initiative is closely tied to the Strategic Vision 2028 of the central bank, which seeks to construct a robust financial framework capable of withstanding economic shifts while making banking services accessible to a broader portion of the population.
According to the governor, the core objective of digital transformation extends beyond simply adopting new software. Instead, the ultimate goal is to create a secure payments environment where businesses and ordinary consumers can complete everyday transactions with high efficiency and absolute security. To demonstrate this rapid progress, Jameel Ahmad presented a series of recent data points highlighting the momentum in digital financial adoption across Pakistan.
Over the past year, retail digital transaction volumes in Pakistan surged dramatically, rising from around six point nine billion transactions to nearly twelve billion transactions. During this same period, the number of active digital merchants operating nationwide grew from approximately half a million to more than two million. Additionally, the number of mobile banking application users has reached nearly one hundred and thirty-seven million, showing a substantial expansion in how citizens manage their funds.
The transition toward digital finance is also visible in how overseas funds enter the country. The governor highlighted that the share of home remittances processed through digital channels grew from about eighty percent to ninety-two percent over the last year. These rising numbers demonstrate a growing public trust in digital platforms, indicating a steady shift away from cash-based transactions toward a more modern, cash-lite economic model.
Regarding the underlying infrastructure, the governor stressed that domestic payment systems like PayPak and the Raast instant gateway must remain at the center of the country’s economic planning. As new financial technologies continue to change how services are delivered, the domestic payment infrastructure must remain secure and adaptable to future demands. To support this, the State Bank of Pakistan recommends that domestic debit card issuance default to the PayPak network, with co-badged options being reserved for clients who specifically require international transaction capabilities.
The future success of PayPak, the governor noted, relies on continuous innovation and a higher level of cooperation among commercial banks, digital startups, and payment service providers. He urged financial institutions, fintech firms, and retail merchants to broaden digital payment acceptance, strengthen cybersecurity measures, and educate the public about digital tools. By prioritizing reliable, customer-focused service, these entities can help speed up the national transition toward a digital economy, marking a highly successful collaboration among key industry players.
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