The State Bank of Pakistan’s Governor, Jameel Ahmad, used the launch of Faysal Bank Limited’s new PayPak–Mastercard co-badged card to promote co-badging as a practical way to strengthen Pakistan’s digital payments landscape. He framed the initiative as supporting a secure, efficient and more self-reliant payments ecosystem by enabling international and e-commerce payments while settling domestic transactions within Pakistan. Ahmad noted that PayPak, launched in 2016, represents over 25% of Pakistan’s 53 million debit cards in circulation but only 6% of usage, attributing the gap to limited acceptance on e-commerce and international platforms, modest marketing, and the perception of PayPak as a low-value card. He pointed to recent measures including marketing campaigns, co-badging arrangements such as last month’s PayPak–UnionPay card, and e-commerce gateway integration, and urged 1Link to pursue a long-term strategy with investment in technology, fraud detection, cybersecurity, dispute resolution, and incentives for merchants and consumers, alongside a regulatory framework that promotes innovation, competition and consumer protection with a level playing field for domestic and international schemes.
State Bank of Pakistan 2025-12-02
State Bank of Pakistan backs PayPak–Mastercard co-badged card launch to strengthen Pakistan’s digital payments ecosystem
State Bank of Pakistan Governor Jameel Ahmad highlighted Faysal Bank Limited’s PayPak–Mastercard co-badged card launch to enhance Pakistan’s digital payments. He emphasized a secure, efficient, self-reliant system for international and e-commerce payments, settling domestic transactions locally. Ahmad urged strategic investments in technology, fraud detection, cybersecurity, and a regulatory framework fostering innovation and competition.