Karachi: The State Bank of Pakistan (SBP) is working on a QR code payment system that will enable small merchants to receive payments from their customers instantly, news sources reported on November 24.
SBP Governor Jameel Ahmad confirmed the news while speaking at the Pakistan Fintech Forum 2022. He stated that the system will facilitate the movement of payments in lower denominations and will assist bridge the financial gap between large and small firms. The system will be all-inclusive and will make it easier for firms to handle their finances. He also stated that the government is developing legislation to assist Fintech companies in providing inclusive solutions to the populace.
The governor also stated that the SBP will share user data with fintech companies in order to build new user experience-based products, but that the data will be provided in a safe manner following user consent. He stated that app-based systems allow for better collaboration across various sorts of service providers. These platforms play a crucial role not only in providing funding to diverse sectors such as agriculture, SMEs, housing, and so on, but also in improving corporate risk management.
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