SBP Grants Licenses to Four Financial Institutions to Boost Digital Payments
Pilot Program Launched Amid Growing Demand for E-Payment Solutions
The State Bank of Pakistan (SBP) has granted licenses to four financial institutions to bolster electronic payment infrastructure, aligning with the nation’s rapid growth in digital payment adoption.
As per SBP, these licensed entities will engage in a six-month pilot program to explore new digital payment frameworks.
The central bank has given preliminary approval for establishing electronic money institutions (EMIs), payment system operators (PSOs), and payment system providers (PSPs). Currently, three electronic payment firms are nearing completion of their pilot phases, while three additional fintech companies have received approval to launch their own pilot operations.
With digital finance gaining momentum across Pakistan, four organizations are already active in electronic payments.
According to SBP statistics, by September 2024, around 4.2 million e-wallet accounts had been created, and 4.6 million payment cards were issued through e-wallets. This sector has seen remarkable growth, with over 80 million transactions totaling Rs232 billion.
This surge reflects a 163% annual increase in e-wallet account openings and a 167% rise in transactions, highlighting the rising demand for convenient and efficient digital payment options in Pakistan.
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