Article Type

Article

Description

The journey in pursuit of the vision started in the early 2000s when the SBP decided to mandate banks to join one of either two ATM switches available in the country. The 1Link switch has played a critical role but still after two decades the number of ATMs remains 17,000 and only one million transactions are taking place every month mainly for cash withdrawal. The Electronic Transaction Ordinance was promulgated in 2000 providing legal recognition to digital signature and documentation reducing the risks associated with the use of electronic medium of business. Commercial banks were allowed to open and operate internet merchant accounts. The SBP acquired a SWIFT connection and made it mandatory for banks to acquire SWIFT connectivity for settlement of cross-border financial transactions.

Publication Source

The News

Publication Date

2-24-2023

Pages

1-4

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