The State Bank of Pakistan (SBP) is taking a major step to make digital payments easier and more accessible for businesses across the country. To encourage merchants to adopt digital payment systems, the central bank is simplifying the process of opening merchant accounts. This was revealed by SBP Deputy Governor Dr. Inayat Hussain during a meeting with the Senate Standing Committee on Finance.
One of the biggest changes involves reducing the complexity of account-opening forms. Previously, merchants had to fill out lengthy forms that were as long as 16 pages. Now, the forms are being condensed into a much simpler 2-3 page format, making it quicker and more convenient for businesses to get started.
The government has also set an important deadline of June 30, 2025, for the rollout of an efficient and widely adopted digital payment system. This move aims to transform the way businesses and consumers carry out transactions in Pakistan.
Dr. Inayat Hussain shared that SBP is working closely with organizations like Karandaaz and the Pakistan Banks Association to encourage the use of digital payment platforms, such as QR code systems. These efforts aim to make payments not only faster but also safer and more efficient.
Another key issue discussed was the high cost of using bank cards. Last year, businesses paid $138 million in fees for bank card transactions. By promoting alternatives like QR codes and other digital platforms, the SBP hopes to reduce these expenses for businesses while boosting financial inclusion.
The Senate Finance Committee has also directed the Ministry of Finance and SBP to submit a progress report within six months to ensure the timely implementation of these changes.
Additionally, the committee approved an amendment to the State-Owned Enterprises (SOE) Act, 2024. This amendment focuses on improving the governance of public sector companies where the federal government holds more than 51% ownership.
These efforts by the SBP and the government reflect a strong commitment to modernizing Pakistan’s payment infrastructure, making it easier for businesses to thrive in a digital-first world. By simplifying processes and encouraging innovation, Pakistan is moving closer to becoming a cashless economy.
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