IT Ministry: SBP and Karandaaz Collaborate to Boost Digital Payment System in Pakistan

The Ministry of Information Technology and Telecommunication announced that a collaboration between the State Bank of Pakistan (SBP) and Karandaaz, a non-profit special entity, has been established to promote digital payment systems in Pakistan. This partnership was confirmed during a meeting between Karandaaz CEO, Waqas ul Hasan, and the Caretaker Federal Minister for IT, Dr. Umar Saif at the Ministry.

The Caretaker Minister emphasized that SBP and Karandaaz have successfully implemented the Raast system in Pakistan, benefiting approximately 30 million individuals. Their collective efforts are geared towards transitioning Pakistan into a digitized economy, ensuring seamless digital payment experiences for all citizens. Dr. Saif highlighted the shift from traditional cash transactions to a digital payment system, facilitating digital purchases and steering the nation toward a digital economy. The IT Ministry is actively undertaking initiatives in this direction.

Furthermore, discussions between the IT Minister and President/CEO of PTCL Group, Hatem Bamatraf, revolved around the upcoming 5G spectrum auction and advancements in telecom services. The minister expressed the government’s commitment to enhancing telecom services in the country and confirmed the impending 5G auction within the next few months.