PayPak: SBP Governor Unveils Vision for Inclusive Digital Payments at HBL-UnionPay Launch
SBP Governor Jameel Ahmad speaks at the launch of the HBL, UnionPay International and PayPak co-badged debit card.
PayPak took another step towards expanding Pakistan’s digital payments ecosystem as State Bank of Pakistan (SBP) Governor Jameel Ahmad welcomed the launch of the HBL, UnionPay International and PayPak co-badged debit card, calling it a major milestone in advancing a modern, resilient and inclusive financial system.
Speaking at the launch ceremony, the SBP Governor said the new payment solution combines Pakistan’s domestic payment infrastructure with the global reach of UnionPay International, allowing customers to make secure transactions both within Pakistan and abroad.
Jameel Ahmad said the initiative aligns with SBP Vision 2028 and the Prime Minister’s Cashless Pakistan Initiative, which aim to build a more inclusive, digital and resilient financial ecosystem. He added that the goal extends beyond digitising payments to creating an environment where individuals and businesses can transact safely, efficiently and seamlessly.
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Highlighting the country’s progress in digital finance, the Governor said Pakistan’s retail digital transactions increased from around 6.9 billion to nearly 12 billion over the past year. During the same period, the number of active merchants grew from about 500,000 to more than 2 million, while mobile banking application users reached nearly 137 million.
He also noted that the share of home remittances received through digital channels increased from around 80 percent to 92 percent, reflecting growing public confidence in digital financial services and the country’s steady move towards a cash-lite economy.
The Governor stressed that domestic payment platforms, including PayPak and Raast, should remain at the core of Pakistan’s digital economy. He urged financial institutions to strengthen payment infrastructure, enhance cybersecurity and continue investing in innovation to meet future financial needs.
Jameel Ahmad said PayPak should become the preferred debit card scheme for domestic transactions, while co-badged cards can provide international payment acceptance whenever required. He also called on banks, digital banks, fintech companies, payment service providers and merchants to work together to expand digital payment acceptance and deliver secure, reliable and customer-focused financial services.
Congratulating HBL, UnionPay International, PayPak and 1LINK, the Governor said their collaboration demonstrates how partnerships between domestic and international payment networks can accelerate innovation, deepen financial inclusion and support Pakistan’s transition to a digitally enabled economy.
