SBP Pushes for Secure Digital Payments Ecosystem in Pakistan
Pakistan’s digital payments space is changing fast. Therefore, the State Bank of Pakistan (SBP) wants to build a secure digital payments ecosystem that supports everyone. The key goal is simple yet vital: create a space that encourages innovation, fair competition, and strong consumer protection.
State Bank Governor Jameel Ahmad shared this vision at the launch of a new co-badged card by Faysal Bank. The card is a joint effort by Mastercard and Pakistan’s own payment network, PayPak. In addition, he highlighted that SBP aims to ensure equal opportunities for both global and local players.
New Alliances in Payments
Ahmad explained that this co-badged card will make digital transactions easier for users. For example, people will be able to make international and online payments without hassle. At the same time, domestic payments will stay within Pakistan. As a result, the country can strengthen efficiency and reduce dependence on external systems.
He added that co.badging is gaining strong momentum. The recent PayPal UnionPay card launch also shows this trend. In his view, more banks will adopt the model because of its value. These partnerships offer convenience, lower costs, and better user experience.
However, PayPal still faces challenges. It controls over 25% of the 53 million debit cards in the country, yet its usage remains low. Many users hesitate because e-commerce acceptance is still limited. Marketing efforts also need improvement. In addition, some people still see PayPal as a lower value option.
Path Toward Wider Adoption
Ahmad stressed the need to fix these issues. He believes Pakistan can build a competitive and sustainable local payment scheme if these gaps narrow. Stronger awareness, better digital acceptance, and more partnerships can support this growth. Therefore, the SBP aims to push reforms that help the ecosystem grow smoothly.
He reaffirmed that a secure digital payments environment remains a top priority for the central bank. As digital adoption rises, Pakistan must balance innovation with safety. This approach can build trust, support inclusion, and help the economy shift toward efficient digital solutions.
