KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad has welcomed the introduction of the HBL, UnionPay International and PayPak co-badged debit card, calling it a major step towards building a modern, secure and inclusive digital payments ecosystem.
Addressing the launch ceremony, he said the new co-badged card combines the reliability of Pakistan’s domestic payment infrastructure with the global acceptance of an international payment network.
The SBP governor said the initiative reflects the central bank’s long-term strategy for PayPak, aimed at establishing a secure, cost-effective and locally managed payment system capable of supporting Pakistan’s expanding digital economy while allowing customers to make seamless transactions both locally and internationally.
Jameel Ahmad noted that the development supports the objectives of SBP Vision 2028 and the Prime Minister’s Cashless Pakistan Initiative, both of which seek to create a more digital, resilient and financially inclusive economy. He said the goal extends beyond digitising payments to developing an ecosystem where individuals and businesses can conduct transactions safely, efficiently and with ease.
Highlighting recent progress, the governor said Pakistan’s digital payments sector has witnessed significant expansion over the past year. Retail digital transactions surged from nearly 6.9 billion to almost 12 billion, while the number of active merchants increased from around 500,000 to more than 2 million.
He added that mobile banking application users reached nearly 137 million, while the proportion of home remittances received through digital channels rose from about 80% to 92%, reflecting growing public trust in digital financial services and accelerating the country’s shift towards a cash-lite economy.
The SBP chief stressed that domestic payment platforms, including PayPak and Raast, must remain central to Pakistan’s digital financial infrastructure. As financial technologies continue to evolve, he said the country’s payment systems must remain secure, resilient and equipped to meet future demands.
He further said PayPak should emerge as the preferred platform for domestic debit card issuance, with co-badged cards offering international payment capabilities where needed. He urged PayPak to continue innovating, adding that its long-term success would depend on stronger collaboration among banks, digital banks, payment service providers, fintech firms, merchants and other stakeholders. He also called for greater efforts to expand digital payment acceptance, strengthen cybersecurity, raise customer awareness and provide secure, reliable and customer-focused payment services.
Congratulating HBL, UnionPay International, PayPak and 1LINK on the initiative, the governor said the partnership highlights how cooperation between local and international payment networks can encourage innovation, broaden financial inclusion and support Pakistan’s transition to a digitally driven, cash-lite economy.
