SBP Working on QR Code for Quick Payments

SBP Governor Jameel Ahmad said that the central bank is working on various digital initiatives including the launch of a quick response (QR) code by next year. The code will enable small merchants to receive payments from their customers instantly. He was talking about the financial horizon of the country at Pakistan Fintech Forum 2022.

SBP is working intensively to make a conducive environment for fintechs that promise solutions for financial inclusion, Governor SBP has said. He said SBP is also conducting the cost-benefit analysis of central bank digital currency (CBDC), he added.

He said that owing to the new disruptive technologies, today’s consumer preferences as well as the needs of businesses are evolving rapidly. He said that fintechs are now accepted by both traditional financial institutions and non-financial players, ranging from smart startups and large technology firms.

Governor Muhammad Zubair has called for the development of a tech-based financial ecosystem in Pakistan. App-based platforms are playing an important role in providing financing to various sectors such as agriculture, SMEs, housing, etc., and also helps in better risk management.