Islamabad: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Thursday (September 9) launched the National Database and Registration Authority (NADRA)’s contactless biometric verification services for the banking and payments sector, according to media reports.
It was disclosed that the service was implemented on the national level, making Pakistan among the first countries to implement such technology. Initially, the remote biometric verification service is extended to five banks for a pilot project. Once the required formalities will be completed, the service will be provided to other banks and SBP-licensed Electronic Money Institutions (EMIs).
As per the details shared, banks will use the digital app on smartphones to capture and verify the biometrics of the account holders from their homes. With the implementation of this technology, the banking system will be revolutionised.
According to the SBP governor, this new remote verification service for banks is in line with the financial inclusion programme of SBP. He went on to say that the adoption of such technology will result in endless benefits for the financial sector because it decreases operational costs and reduces the pressure on the banks.
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