SBP Launches Co-Badged Debit Card to Advance Cashless Pakistan
Pakistan has taken another major step toward building Cashless Pakistan as the State Bank of Pakistan (SBP) launched a new co-badged debit card developed in collaboration with HBL, UnionPay International, and PayPak.
Speaking at the launch ceremony, SBP Governor Jameel Ahmad described the initiative as a significant milestone in Pakistan’s transition toward a modern, secure, resilient, and inclusive digital payments ecosystem. He said the new payment solution supports the government’s vision of promoting a cash-lite economy while strengthening the country’s domestic payment infrastructure.
The co-badged debit card combines the capabilities of PayPak, Pakistan’s domestic payment scheme, with the international acceptance of UnionPay International, enabling customers to conduct seamless transactions both within Pakistan and abroad.
Supporting SBP Vision 2028 and the Cashless Pakistan Initiative
The governor said the initiative aligns with the State Bank’s long-term strategy of developing PayPak into a secure, cost-effective, and locally governed payment network capable of supporting Pakistan’s rapidly expanding digital economy.
He added that the launch also supports SBP Vision 2028 and the federal government’s Cashless Pakistan Initiative, both of which aim to build a financial system that is more digital, inclusive, and resilient.
Jameel Ahmad emphasized that digitization is not an end in itself but a means of providing individuals and businesses with faster, safer, and more efficient payment solutions.
Digital Payments Continue Rapid Growth
Highlighting Pakistan’s increasing adoption of digital financial services, the SBP governor revealed that retail digital transaction volumes increased from nearly 6.9 billion to almost 12 billion over the past year.
He also shared that the number of active merchants accepting digital payments expanded from approximately 500,000 to more than 2 million, reflecting significant growth in Pakistan’s digital commerce ecosystem.
According to the governor, mobile banking adoption has also accelerated, with nearly 137 million users now utilizing banking applications.
Meanwhile, the share of overseas remittances received through digital channels has increased from around 80% to 92%, demonstrating rising public confidence in digital financial services.
He said these figures indicate that Pakistan is making steady progress toward becoming a cash-lite economy.
PayPak and Raast at the Core of Digital Infrastructure
The SBP governor stressed that domestic payment platforms such as PayPak and Raast should remain central to Pakistan’s digital financial infrastructure as financial technology continues to evolve.
He noted that the country’s payment ecosystem must remain secure, resilient, and capable of adapting to future technological developments.
Jameel Ahmad suggested that PayPak should become the default payment network for all domestic debit card issuance, while co-badged cards should provide international payment capabilities whenever customers require them.
Collaboration Key to Digital Financial Inclusion
The governor said PayPak’s continued success would depend on ongoing innovation and stronger collaboration among banks, payment service providers, fintech companies, merchants, and other stakeholders across Pakistan’s digital payments ecosystem.
He also urged financial institutions to expand digital payment acceptance, strengthen cybersecurity, improve public awareness of digital financial services, and continue delivering reliable and customer-focused payment solutions.
New Card to Strengthen Pakistan’s Digital Economy
Concluding his remarks, Jameel Ahmad congratulated HBL, UnionPay International, PayPak, and 1LINK for successfully launching the co-badged debit card.
He said the partnership demonstrates how collaboration between domestic and international payment networks can accelerate innovation, promote financial inclusion, and support Pakistan’s transition toward a modern digital economy.
Milestone for Pakistan’s Cashless Future
The launch of the new co-badged debit card marks another important milestone in Pakistan’s digital transformation. By combining domestic payment infrastructure with global acceptance, the initiative is expected to strengthen Cashless Pakistan, expand financial inclusion, and support the country’s long-term vision of a secure and efficient digital payments ecosystem.