The SBP will introduce a QR payment system for small businesses

News sources reported on November 24 that the State Bank of Pakistan (SBP) is working on a QR code payment system that will allow small merchants to get payments from their customers right away.

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When he spoke at the Pakistan Fintech Forum 2022, SBP Governor Jameel Ahmad confirmed the news. He said that the system will make it easier to move smaller amounts of money and help close the financial gap between big and small businesses. The system will cover everything and make it easier for businesses to keep track of their money. He also said that the government is working on laws to help Fintech companies offer solutions to the whole population.

The governor also said that the SBP will share user data with fintech companies so that they can build new products based on user experience. However, the data will only be given to fintech companies after users give their permission. He said that app-based systems make it easier for different types of service providers to work together. These platforms are very important not only because they help get money to different sectors like agriculture, SMEs, housing, and so on, but also because they help companies better manage risks.