Tag: payment system

KARACHI: The State Bank of Pakistan (SBP) recently issued key information about payment system of banking system in the country. Following is the snapshot of payment system in Pakistan: Snapshot details as on December 31, 2020 Total Population in Pakistan: 208.31 million Currency in Circulation (in million PKR) 6,543,806 Number of Banks’ Accounts: 5 59,910,511 […]

KARACHI: Addressing another gap in cheque clearing whereby it took weeks to clear cheques in far flung areas of the country, SBP has allowed the use of Pakistan Real Time Interbank Settlement Mechanism (PRISM) for the settlement of cheques, said a statement on Monday. This is expected to decrease the processing time for clearing of […]

KARACHI: State Bank of Pakistan (SBP) has recommended the Federal Board of Revenue (FBR) to shift the collection of tax payments to electronic channels and enable taxpayers to use transaction accounts provided by any Payment Service Provider (PSP) to pay their taxes. The SBP suggested this in its National Payment System Strategy (NPSS) launched on […]