SBP Launches National Payment Systems Strategy

[Shahzaz ud din]

SBP Launches National Payment Systems Strategy
By
News Desk
-
November 1, 2019

November 1, 2019 (MLN): Dr. Reza Baqir, Governor, State Bank of Pakistan launched the National Payment Systems Strategy (NPSS) in an event held today at its headquarters in Karachi. President of the World Bank, Mr. David Robert Malpass was the Chief Guest at the event that was attended by key stakeholders including regulators, government entities, banks, telcos, Electronic Money Institutions (EMIs), Payment System Operators (PSOs) and Payment Service Providers (PSPs) and other Fintechs.

Speaking on the occasion, Governor SBP welcomed Mr. David Malpass and other World Bank officials to SBP and thanked them for their support in the preparation of this strategy. The Governor highlighted the benefits that the NPSS would bring to the people and economy of Pakistan and said ‘this strategy lays out a road map and action plan for Pakistan to have a modern and robust digital payments network.’ Elaborating the benefits further, he said that the key goal of this strategy would be to make access to financial services easier for people and help in improving financial inclusion in the country, particularly for women, along with greater documentation of the economy.

He briefed that SBP has adopted a proactive approach to innovation and will continue to support the digitization of banking and payments in Pakistan. ‘Going forward, as part of the implementation of this strategy, SBP will continue to focus on strengthening the legal and regulatory framework to bring it in line with international best practices, said Governor Baqir. On the occasion, Dr. Baqir announced the issuing of the rules for digital onboarding of merchant, which will help increasing the touch points for digital payments in Pakistan. Governor Baqir also shared that SBP is developing a faster payment system that will simplify the requesting, receiving and sending of payments in the country.

President World Bank, Mr. David Malpass, giving his keynote address, congratulated the SBP for launching the NPSS. He said that there is great potential to be unlocked in Pakistan and the launch today is an important step. Adding further, Mr. Malpass said that this effort by the central bank is coming at a good time because there has been time to stabilize after the start of the new administration and that stabilization will facilitate growth, going forward. He appreciated the role of SBP as a regulator and catalyst of digitization of banking and payments in Pakistan. He highlighted that Pakistan’s pathway towards digital financial inclusion centers on push towards usage of digital financial services and not only SBP but also all stakeholders are responsible to drive digital payments reforms. Further, he extended full support to SBP in implementation of key economic reforms and action items as highlighted in the strategy.

National Payment Systems Strategy may be accessed at SBP’s Website.

Posted on: 2019-11-02T03:20:00+05:00
30915

 

[blueazure]

demonetization pre step 1

 

[Yaseen1]

i think cryptocurrency should be allowed by central bank and it will motivate public to use electronic money payment systems

 

[blueazure]

i think cryptocurrency should be allowed by central bank and it will motivate public to use electronic money payment systems

a state bank digital currency will be a total mess . its wallet would be an unsecure, bad code written server based model whose every transaction will be monitored, taxed and can be stopped . not to mention, you will need to give total KYC . on top of that, how secure would be your data ? have you seen what NADRA did with NIC data base??

thankfully, we have open source, software based crypto wallets which are much secure, anonymous and dont need KYC .

its quiet easy to reach a conclusion which one to use

 

[Shahzaz ud din]

World Bank To Help Pakistan Head Towards Becoming A Cashless Society
The new payment systems strategy intends to boost Pakistan’s GDP by 7 percent and will create 4 million job opportunities by 2025.
By KINZA ZAHRA On NOV 2, 2019
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• The World Bank is committed to help Pakistan to promote a cashless society.
• During the stabilization phase, Pakistani rupee has become a flexible currency and has functioned well- World Bank President

National Payment system
The World Bank is committed to help Pakistan to promote a cashless society. The State Bank of Pakistan revealed the first-ever national payment system of the country to introduce a cashless society through simplifying business strategies.

“We have the resources and the drive, the energy to help implement [the strategy and], assist as you implement the national payment systems strategy,” World Bank President David Malpass said. “This move by the central bank is coming at a good time because there has been time to stabilize [the economy] after the start of the new administration. And that stabilization will I think will facilitate growth going forward.”
Nov 2, 2019
Pakistani rupee becomes flexible currency
The president of World Bank said during the stabilization phase that Pakistani rupee has become a flexible currency and has functioned well.

“The payment system can be easy to use and affordable, and create solutions for individuals and businesses,” he added.

Furthermore, he said, “This is a real-time kind of launch. Besides, we have looked at and encouraged the National Database Registration Authority (NADRA) to make verification costs minimal and open to facilitate this process. And also the Pakistan Telecommunications Authority can allow for interoperability through the USSD (unstructured supplementary service data) channels.”

Reza Baqir, SBP governor said that we are shifting our attention to the financial sector’s structural areas to bring reforms.

The governor further added that Pakistan is lacking behind when it comes to gender balance in financial inclusion.

“A greater reliance on digital means we have greater documentation of the economy and we have less cash,” he added. “Pakistan is one of the countries that stand up for having a very large ratio of cash to deposits.”

Payment Gateway
Moreover, the SBP is launching a payment gateway within six months. This gateway will help in fast processing and clearings of transactions. Besides in branchless banking agents, electronic money institutions, payment system operators and other non-banking payment players.

Governor of SBP further said that the new payment systems strategy intends to boost Pakistan’s GDP by 7 percent and will create 4 million