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State Bank of Pakistan launches digital cheques clearing and QR code in banking system
FINANCE

SBP launches digital cheques clearing and unified QR Code System

By

Governor State Bank of Pakistan, Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions which will benefit to the society.

These initiatives includes the introduction of digital cheques clearing and a unified QR code for payments. It will replace physical presentation and clearing of cheques, thereby it will reduce the time involved in normal clearing process.

The second initiative is the launch of a unified QR code. It will allow payments by users from any digital application, eliminating the need to use separate apps. These initiatives which are announced by Governor State Bank of Pakistan, Dr Reza Baqir are for the accelerating digitalization and financial inclusion.

Governor Baqir appreciated stakeholders’ who supported in these digital initiatives of SBP, particularly by FBR, and NADRA in moving towards the drive for digital financial services.

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