SBP to Launch Simplified Merchant Account Forms for Boosting Digital Payments

The State Bank of Pakistan (SBP) is streamlining the merchant account opening process to promote digital payments by making it easier for merchants in onboarding, form-filling, and opening accounts, Deputy Governor Dr. Inayat Hussain told the Senate Standing Committee on Finance on Wednesday. He said the account-opening forms are being reduced from 16 pages to a simplified 2-3 page format. The committee set a deadline for a digital payment system by June 30, 2025. The deputy governor said SBP was working with organizations like Karandaaz and the Pakistan Banks Association to incentivize merchants and consumers to adopt digital platforms like QR code systems. He also disclosed that $138 million was paid last year in fees for using bank cards. The Finance Committee directed the Ministry of Finance and SBP to submit a progress report within six months. Meanwhile, the committee unanimously approved an amendment to the State-Owned Enterprises (SOE) Act, 2024. The amendment clarifies guidelines for SOE governance, with a focus on public sector companies where federal shareholding remains above 51 percent.