SBP Launches Digital Cheques and QR Code in Banking

Governor State Bank of Pakistan (SBP), Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions to benefit all segments of society.

These initiatives are the introduction of digital cheques clearing and a unified QR code for payments.

The digital cheque clearing initiative will replace physical presentation and clearing of cheques, thereby reducing the time involved substantially.

he second initiative, the introduction of a unified QR code, will allow payments by users from any digital application, eliminating the need to use separate apps.

The initiatives announced by Governor Baqir are targeted towards the overarching objective of accelerating digitalization and financial inclusion. SBP will continue to promote innovative digital financial services and is ready to facilitate these endeavors by resolving issues as far as possible, he said.