Overview
- HBL unveiled the HBL–UnionPay–PayPak co-badged debit card, which was launched Wednesday, combining PayPak’s domestic acceptance with UnionPay’s international network on a single card.
- State Bank of Pakistan Governor Jameel Ahmad formally welcomed the launch and said it implements parts of SBP Vision 2028 and the Prime Minister’s Cashless Pakistan initiative.
- SBP described the card as a way to keep domestic processing, control costs and security, while giving cardholders the ability to pay abroad using UnionPay’s global reach.
- The central bank highlighted rapid sector growth as context, noting retail digital transactions rose to nearly 12 billion, active merchants passed 2 million and mobile banking users reached about 137 million.
- SBP urged banks, fintechs, payment providers and merchants to expand acceptance, tighten cybersecurity and boost customer awareness so the co-badge can widen financial access and reduce reliance on cash.