The State Bank of Pakistan (SBP) has announced two new efforts to help financial institutions introduce digital financial goods and services, including a facility for digital cheque clearing and a uniform QR code for payments.
The SBP said in a statement published on Wednesday that the advancements were discussed during the 5th stakeholders meeting on Digital Financial Services, which was attended by various stakeholders.
According to SBP Governor Dr. Reza Baqir, the central bank is actively exploring the development of Open Banking, which allows financial institutions to share and leverage customer-permitted information to facilitate consumer choice, promote competition and efficiency in the financial sector, and encourage the introduction of innovative products and services.
The measures are geared toward boosting digitalization and financial inclusion. According to the central bank, the digital cheque clearing project will replace physical cheque presentation and clearing, decreasing the time involved.
The second effort, the implementation of a single QR code, will enable customers to make payments from any digital application, removing the need for separate apps.
According to Baqir, the SBP will continue to encourage new digital financial services and is ready to support these efforts by addressing difficulties as soon as feasible.