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

He said that State Bank is working for the computerisation of the e-Payment system in Pakistan. Ashraf Khan also explained that the replacement of transaction mediums like internet banking and branchless banking have appeared as an aiding pillar of SBP’s vision for economic inclusion.

Pakistan is developing gradually in the field of information technology, and this technology plays a vital role in the economic sector of the country. State Bank of Pakistan is aware of the situation and that is why it is presently engaged with the World Bank to create the future payment system specific to Pakistan.

He said, “Over the past five years, e-banking transactions have witnessed a phenomenal growth. The volume of e-banking transactions has doubled. The number of users of internet banking has reached to over 1.8 million.”

Ashraf Khan further stated, “a total of 100 million transactions worth Rs 526 billion were carried out during July-September 2015. More than 13 million m-wallets have been opened so far and these numbers are increasing at a faster pace.”

The Chief Executive Officer of 1Link, Faisal Ijaz stated that the central bank is about to accept the amended tariff for commercial transactions via PayPak. In addition to the financial transactions, PayPak would also provide social services like Benazir Income Support Programme (BISP) and health insurance for the lower class society of the country.

It is important to recall that PayPak is Pakistan’s first domestic payment system. It was launched this year by 1Link. The system is designed to compete with international payment schemes.