HBL launches PayPak-UnionPay debit card as SBP pushes cashless agenda

State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday said the launch of the HBL, UnionPay International and PayPak co-badged debit card marks a significant step towards building a more inclusive, resilient and digitally enabled payments ecosystem in line with the government’s Cashless Pakistan initiative. Speaking at the launch ceremony, the SBP governor said the co-badged card combines Pakistan’s domestic payment infrastructure with the international acceptance of UnionPay, allowing customers to use the same card for transactions both within the country and abroad. He said the initiative aligns with SBP Vision 2028 and the prime minister’s vision of a cashless economy by promoting secure, efficient and seamless digital payments. Highlighting the rapid growth of digital finance, Ahmad said retail digital transaction volumes increased from around 6. 9 billion to nearly 12 billion over the past year, while the number of active merchants accepting digital payments rose from about 500, 000 to more than 2 million. He added that mobile banking app users reached nearly 137 million, while the share of home remittances credited through digital channels increased from about 80% to 92%, reflecting growing public confidence in digital financial services. The governor stressed that domestic payment platforms, including PayPak and Raast, should remain central to Pakistan’s digital economy, saying the country’s payment infrastructure must remain secure, resilient and capable of supporting future technological developments. He said PayPak should become the preferred platform for domestic debit card issuance, while co-badged cards would provide international payment functionality where needed. Calling for greater collaboration across the financial sector, Ahmad urged banks, digital banks, payment service providers, fintechs and merchants to expand digital payment acceptance, strengthen cybersecurity, improve customer awareness and offer secure, reliable and customer-focused payment services. He also congratulated HBL, UnionPay International, PayPak and 1LINK on the partnership, saying it demonstrates how cooperation between domestic and global payment networks can drive innovation, deepen financial inclusion and accelerate Pakistan’s transition towards a digitally enabled, cash-lite economy.

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