State Bank of Pakistan Issues Licenses to Boost E-Payments
The State Bank of Pakistan (SBP) has granted licenses to four financial institutions to enhance electronic payment systems in the country, marking a significant step in promoting digital finance. These institutions will participate in a six-month pilot project aimed at improving e-payment infrastructure.
The central bank has approved the establishment of electronic money institutions (EMIs), payment system operators (PSOs), and payment service providers (PSPs) as part of its ongoing efforts to support digital financial services. At present, three e-payment institutions are in the final stages of their pilot projects, while an additional three fintech companies have received approval to begin their pilot operations.
As digital finance continues to grow, four organizations are already actively operating in Pakistan’s electronic payments sector. According to SBP data, by September 2024, over 4.2 million e-wallet accounts have been opened, and 4.6 million payment cards have been issued through e-wallets. The e-wallet sector has experienced rapid growth, with 80 million transactions amounting to Rs232 billion.
This represents a 163% year-on-year increase in e-wallet accounts and a 167% rise in transaction volumes, demonstrating the rising demand for convenient and secure digital payment solutions in Pakistan. These developments reflect a broader trend toward the adoption of electronic payments, with the SBP pushing for further innovation and infrastructure to meet the country’s growing digital finance needs.
