The State Bank of Pakistan (SBP) has announced two initiatives to facilitate the introduction of digital financial products, a statement said on Wednesday.
Governor State Bank of Pakistan, Dr. Reza Baqir introduced the initiatives at the 5th Stakeholders meeting on Digital Financial Services held earlier this week.
These initiatives are the introduction of digital cheques clearing and a unified QR code for payments.
He also shared that SBP is actively exploring the development of Open Banking, which allows sharing and leveraging of customer-permissioned information among financial institutions to facilitate consumer choice, promote competition and efficiency in the financial sector, and encourage the introduction of innovative products and services to benefit consumers.
The goal of these stakeholders meetings that were started by Governor SBP in October, 2019 is to bring key players from the public and private sector together to share information and co-ordinate the resolution of cross cutting issues in a collaborative manner to accelerate digitalization of financial services and promote the vision for Digital Pakistan.
The digital cheque clearance service will allow the users to get their cheques cleared through digital banking services, reducing the clearance time substantially.
Similarly, the unified QR code for payments will allow financial transactions from any digital application rather than using different applications for payments.