SBP Governor terms co-badged card launch boost for digital payments

July 16, 2026 (MLN): State Bank of Pakistan (SBP) Governor Jameel Ahmad has termed the launch of the HBL, UnionPay International and PayPak co-badged debit card an important milestone in Pakistan's journey toward a modern, resilient and inclusive digital payments ecosystem, supporting the Prime Minister's vision of a Cashless Pakistan.

Speaking at the launch ceremony, the Governor said the co-badged payment solution combines the strength of Pakistan's domestic payment infrastructure with the international acceptance of a global payment network.

He said the initiative reflects SBP's long-term vision for PayPak to establish a secure, cost-effective and locally governed payment scheme capable of supporting the country's growing digital economy while enabling customers to transact seamlessly within Pakistan and abroad, according to a press released by SBP’s external communication department.

He linked the development to SBP's Vision 2028 and the government's Cashless Pakistan Initiative, both aimed at building a financial system that is more digital, more inclusive and better able to withstand shocks.

Digitization on its own was not the end goal, he said, adding that the real aim is a payments environment where transactions for individuals and businesses alike are smooth, secure and efficient.

The Governor pointed to recent data as evidence of momentum in this direction. Retail digital transaction volumes climbed from close to 6.9 billion to nearly 12 billion over the last year, he said, while active merchants grew from roughly half a million to over 2 million in the same period.

He added that mobile banking app users have touched nearly 137 million, and the proportion of home remittances routed through digital channels climbed from about 80% to 92%.

According to the Governor, these figures point to rising public trust in digital finance and a steady shift toward a cash-lite economy.

On infrastructure, he said domestic payment systems such as PayPak and Raast need to stay central to the country's digital economy, particularly as new technologies continue to alter the shape of financial services.

Pakistan's payment infrastructure, he added, has to stay secure, resilient and ready for what comes next.

He said domestic debit card issuance should default to PayPak, with co-badged cards serving as the option for international functionality when needed.

PayPak's future hinges on continued innovation as well as greater ownership and cooperation among players across the payments space.

The Governor also urged banks, digital banks, payment service providers, fintechs and merchants to broaden digital acceptance, tighten cybersecurity, build customer awareness and prioritise reliable, customer-focused service delivery.

He closed by congratulating HBL, UnionPay International, PayPak and 1LINK on the launch, saying it illustrates how cooperation between local and global payment networks can drive innovation, widen financial inclusion and speed up Pakistan's shift to a digital, cash-lite economy.

Copyright Mettis Link News