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State Bank of Pakistan launched NPSS in Pakistan

State Bank of Pakistan launched NPSS in Pakistan

KARACHI: State Bank of Pakistan Governor Reza Baqir launched the National Payment Systems Strategy which will help to increase the touchpoints for digital payments in Pakistan.SBP is developing a faster payment system that will simplify the requesting, receiving and sending of payments in the country. It should classify all payment systems operating in the country as digital payment systems (DPSs), with each payment system and instrument being designated specifically. This includes the payment activities of Pakistan Post, as it provides domestic and international remittances and collects money on behalf of billers, and taxes, fees, and fines for the federal and provincial government.State Bank of Pakistan launched NPSS in Pakistan

SBP launched national Payment Systems Strategy in Pakistan

The central bank has started the implementation of a digital micro-payment infrastructure system which allows the transfer of funds in almost real-time and is expected to bring a rapid surge in online payments in public and private sectors.SBP has started the implementation of Micro Payment Gateway in collaboration with the Bill and Melinda Gates Foundation to ensure faster retail payments. SBP expects rapid digitization of public and private sectors’ collections and payments particularly of salaries and pensions following the completion of the project.

The Micro Payment Gateway will offer swift retail payments with advanced Application Programming Interfaces (APIs) and directory services, which will simplify the payment mechanism in the country.SBP acted prudently to develop a landscape mutually beneficial for the banking industry, businesses, government agencies, and the masses.

SBP developed the Asaan (Easy) Mobile Account (AMA) Scheme, which provides an integrated platform allowing any person with a basic mobile phone to open a digital transaction account swiftly through a Unified Unstructured Supplementary Service Data (USSD) code from anywhere at any time.

 objective

Accessibility of new customers for account opening

Drive usage of digital financial services through an increased number of account-to-account transactions across various networks

Provide digital access to a range of quality financial services.

Internet banking services are offered by 27 banks to 3.3 million users. During FY19, some 39.7 million transactions amounting to Rs1,722.2 billion were processed through internet banking. Moreover, 26 banks are providing mobile phone banking facility with 5.6 million registered users. These users processed 41.1 million transactions involving Rs866.8 billion using mobile phone banking applications (apps).

The e-banking channels, comprising real-time online branches (RTOB), ATMs, e-commerce, internet, mobile phone and call centers/ IVR banking, collectively processed 869.8 million transactions valuing at Rs58.8 trillion (65% in terms of the total number of transactions). “These transactions showed significant growth of 15% and 24.1% in both volume and value of transactions over the year