The State Bank of Pakistan (SBP) is expanding its groundbreaking RAAST payment system by onboarding the provincial chapters of Accountant Generals in Punjab, Balochistan, and Gilgit-Baltistan, according to the recently released “Annual Payment Review” by the central bank. The integration of these Accountant General offices into RAAST marks a significant step in the ongoing digital […]
The State Bank of Pakistan (SBP) has released its annual report for Fiscal Year 2023-24, showcasing significant advancements in the country’s national payment ecosystem, with a notable shift towards digital payments. According to the report, retail payments saw extraordinary growth during FY24, with the volume of transactions rising from 4.7 billion to 6.4 billion, representing […]
San Francisco, October 9, 2024 — Stripe, a leading financial infrastructure platform, today announced an expanded partnership with NVIDIA, aimed at advancing AI technology to benefit Stripe’s customers and improve fraud detection. The collaboration will also broaden global access to NVIDIA’s cutting-edge GPUs and AI software, allowing developers and enterprises to prepay for selected NVIDIA cloud services through […]
In a significant move towards enhancing digital payment solutions, 1LINK (Pvt) Limited has announced its partnership with the National Police Foundation, onboarding them as a Bill Aggregation Partner on its 1BILL platform. This collaboration is expected to streamline the payment of various services provided by the National Police Foundation through 1BILL’s secure and efficient digital […]
KARACHI: The State Bank of Pakistan (SBP) has expressed full confidence in the country’s digital payment infrastructure, reaffirming its capability to support the government’s increasing drive towards a cashless economy. Speaking at the “Future Banking Summit 2024” organized by Total Communications on Monday, Syed Sohail Javaad, Executive Director of the SBP’s Digital Financial Services Group, […]
In a landmark move to track and enhance the progress of digital payments, Pakistan is set to introduce a national Digital Payment Index (DPI), aiming to assess the penetration and effectiveness of digital payment infrastructure across the country. The initiative will provide a crucial tool for policymakers, financial institutions, and private sector players to gauge […]
KARACHI, – Visa, the global payments leader, has announced plans to significantly expand the number of businesses accepting digital payments in Pakistan over the next three years, with the aim of increasing this figure tenfold. Leila Serhan, Visa’s General Manager for Pakistan, North Africa, and Levant, shared this ambitious goal in an interview with Reuters. […]
Karachi, Pakistan – September 12, 2024 – Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banks, has announced the renewal of its strategic partnership with Mastercard, further expanding the reach and impact of the Faysal Islami Noor Card. This renewal marks a significant step in enhancing Pakistan’s Shariah-compliant digital payments landscape. The Faysal Islami […]
1LINK, Pakistan’s premier payment system operator, and Visa, a global leader in digital payments, have entered into a strategic partnership to drive innovation and streamline digital payment services across Pakistan. This collaboration introduces the integration of Visa Alias Directory Service within the 1LINK network, aimed at simplifying inbound remittances and significantly improving the user experience. […]
September 2024 — Bank Alfalah, one of Pakistan’s largest commercial banks, has announced a groundbreaking partnership with UnionPay International (UPI) to launch the country’s first PayPak co-badge platinum debit card. The collaboration marks a significant milestone in the banking industry, offering customers access to exclusive global privileges and seamless international transactions across 183 countries and […]