At the launch of HBL, UnionPay International and PayPak's co-badged debit card, State Bank of Pakistan Governor Jameel Ahmad used the event to set out the central bank's payments agenda. He presented the product as a model for combining Pakistan's domestic payments infrastructure with international acceptance, while signalling that PayPak should become the default option for domestic debit card issuance and co-badged cards should provide international functionality where needed. The remarks tied the launch to SBP Vision 2028 and the government's Cashless Pakistan initiative, with the stated aim of building a payments ecosystem that is more inclusive, digital and resilient. To illustrate recent momentum, Ahmad said retail digital transaction volumes rose from about 6.9 billion to nearly 12 billion over the past year, active merchants increased from roughly 500,000 to more than 2 million, mobile banking app users reached nearly 137 million, and the share of home remittances credited through digital channels climbed from around 80 percent to 92 percent. He also stressed that domestic rails, including PayPak and Raast, must remain central to the system, and called on banks, digital banks, payment service providers, fintechs and merchants to expand acceptance, strengthen cybersecurity, improve customer awareness and keep payment services secure and reliable.
State Bank of Pakistan2026-07-15
State Bank of Pakistan backs HBL UnionPay PayPak co-badged debit card launch and says PayPak should be the preferred domestic debit scheme
State Bank of Pakistan Governor Jameel Ahmad used the launch of an HBL, UnionPay International and PayPak co-badged debit card to reaffirm SBP's push for a more digital and inclusive payments system. He said PayPak should become the preferred domestic debit card scheme, with co-badged cards used for international payments. The remarks were backed by updated growth figures for digital payments, merchants, mobile banking users and digitally credited remittances.