SBP and World Bank Working Togather to Improve e-payment Securities

The State Bank of Pakistan (SBP) is working with the World Bank and other firms to strengthen the verification process on the internet banking. SBP Executive Director Muhammad Ashraf Khan said this in the 14th annual e-Banking conference, organised by Total Communications in collaboration with 1Link and Pakistan Software House Association for IT and ITES (P@SHA)on Thursday.

SBP and World Bank Working Togather to Improve e-payment Securities

“The State Bank of Pakistan in collaboration with the World Bank and other stakeholders has been striving to strengthen the electronic delivery channels through automation and digitisation,”

Ashraf Khan, executive director at the SBP, said at the 14th annual conference on e-banking.

“We are mindful of the critical role of technology in achieving the strategic objective of national financial inclusion.”

According to him, the central bank will soon issue guidelines on card security and prepaid cards.

He added:

“The State Bank of Pakistan is currently working with the World Bank experts to develop the future payment system specific to Pakistan,” .

The official said the alternate delivery channels, like e-banking and branchless banking, have emerged as supporting pillars of the SBP’s vision for financial inclusion.

He said:

“Over the past five years, e-banking transactions have witnessed a phenomenal growth. Volume of e-banking transactions has doubled. The number of users of internet banking has reached to over 1.8 million”. “Total 100 million transactions, worth Rs 526 billion, were carried out during July-September 2015. More than 13 m mobile wallets have been opened so far and these numbers are increasing at a faster pace”

Faisal Ijaz, chief executive officer at 1Link said:

The central bank is about to approve the tariff for financial transactions via PayPak, Pakistan’s first domestic payment scheme.