The Central Bank has announced two great initiatives which will further help in the digitization of financial institutes of Pakistan. These include the facilities of digital cheque clearance and unified QR codes for making payments. The Governor State Bank of Pakistan, Dr. Reza Baqir, announced the launch of these two initiatives that will be a big boost for the financial institutes of Pakistan and will help in the digitization of financial products.
SBP, SECP Join Hands to Launch Digital Accounts for Resident Pakistanis – learn more.
The first initiative will help to reduce the time taken to get cheques cleared. Moreover, with the ongoing pandemic, it is better to get the cheques cleared digitally and avoid the risk of visiting the bank. The introduction of unified QR codes will allow users to make payments via a digital application instead of going through the hassle of using separate applications.
The State Bank of Pakistan announced that it will be taken more initiatives like these to promote the use of digital services which would eventually lead to financial inclusion. It was also decided at the Digital Financial Services meeting that a task force would be formed including people from the State Bank of Pakistan and Pakistan Telecommunication Authority to help prevent digital frauds in the finance sector.
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