SBP endorses HBL-UnionPay-PayPak card to boost digital payments

State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday welcomed the launch of a co-badged debit card by HBL, UnionPay International and PayPak, calling it a significant step toward building a modern, resilient and inclusive digital payments ecosystem aligned with the government’s vision of a cashless Pakistan.

Speaking at the launch ceremony, Ahmad said the co-badged card combines Pakistan’s domestic payment infrastructure with the international acceptance of a global payment network, enabling customers to make seamless transactions both within Pakistan and abroad.

He said the partnership reflects the central bank’s long-term vision for PayPak as a secure, cost-effective and locally governed payment scheme that can support Pakistan’s expanding digital economy.

The governor said the initiative is aligned with the SBP’s Vision 2028 and the prime minister’s Cashless Pakistan Initiative, both of which aim to make the country’s financial system more digital, inclusive and resilient.

“Our objective is not merely to digitize payments but to build an ecosystem where individuals and businesses can transact seamlessly, safely and efficiently,” Ahmad said.

Highlighting the rapid growth of digital payments, Ahmad said the volume of retail digital transactions increased from about 6.9 billion over the past year to nearly 12 billion, while the number of active merchants expanded from around 500,000 to more than 2 million.

He said the number of mobile banking application users reached nearly 137 million, while the share of workers’ remittances credited through digital channels increased from about 80% to 92%, reflecting growing public confidence in digital financial services.

Ahmad said domestic payment platforms, particularly PayPak and Raast, should remain at the center of Pakistan’s digital payments infrastructure as financial technology continues to evolve.

He said PayPak should become the preferred payment scheme for domestic debit card issuance, while co-badged cards can provide international payment functionality when needed.

The governor also urged banks, digital banks, payment service providers, fintech companies and merchants to strengthen collaboration by expanding digital payment acceptance, enhancing cybersecurity, improving customer awareness and delivering secure, reliable and customer-focused payment services.

Congratulating HBL, UnionPay International, PayPak and 1LINK on the partnership, Ahmad said cooperation between domestic and international payment networks would promote innovation, deepen financial inclusion and accelerate Pakistan’s transition to a digitally enabled, cash-lite economy.