SBP Introduces Digital Cheques and Unified QR Codes in Banking

Deputy Governor of the State Bank of Pakistan, Dr. Reza Baqir, announced two new measures to promote the adoption of digital financial goods and services by financial institutions, which will benefit people from all walks of life in Pakistan.

These initiatives include the implementation of digital cheques clearing as well as the creation of a standardized QR code for payments.

The digital cheque clearing effort will eliminate the need for physical cheque presentation and clearing, resulting in a significant reduction in the amount of time required.

With the second project, the creation of a uniform QR code, consumers will be able to make payments from any digital application, removing the need to use separate payment apps in the process.

A number of measures proposed by Governor Baqir are directed at achieving the overarching goal of boosting digitization and financial inclusion in the country. He stated that the SBP will continue to support innovative digital financial services and is prepared to assist in these attempts by addressing challenges to the greatest extent possible.

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