The State Bank of Pakistan (SBP), Pakistan’s central bank is all prepared to release the much-anticipated micro payment gateway (MPG) in the following next two months. It will enable the government and private sector entities, banks, merchants, and consumers to conduct smooth digital payments.
The SBP is in collaboration with foreign partners, people with certain expertise, vendors, and the financial industry, has accomplished several milestones. A major achievement of the project is to secure the arrangement of state-of-the-art infrastructure to build and operate the gateway.
“SBP, in collaboration with international partners, experts, vendors, and the financial industry, has achieved various milestones. It has accomplished the major milestone of the project by ensuring deployment of the state-of-the-art infrastructure to build and operate the gateway,” the SBP stated in its annual performance review for the fiscal year 2019/20 that was released last week.
“SBP is now in the final stages of going live with first use case i.e. bulk transfers including government-to-person (G2P) transfers, tentatively by the end of 2020.” The micro payment (MPG) is the highest development, interoperable, and shielded payment platform. It would allow consumers, merchants, and government entities to transfer funds in an uninterrupted, prompt, and cost-effective procedure.
MPG is an immediate payment operation. The central bank has taken this initiative to accomplish the crucial objective of developing modern and strong payment systems in the nation, the report stated. It further stated, “It has advanced functionalities to process instant/ near real-time and alias-based payments, bulk transfers and request to pay and capability to (take) onboard participants including banks, merchants, electronic money institutions (EMIs), etc. through Application Programming Interfaces (APIs).”
The crisis caused by the COVID-19 global pandemic has led us to severe economic and social challenges for regulators, policymakers, and service providers, etc. The digital transformation has become vital, not only for payments and financial services but also for every sector of the economy catering to the financial needs of the customers.
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