Page 8 - Payment System Review -Q2 FY24

Payments Infrastructure

Pakistan’s payments infrastructure broadly consists of the following:
 Real-time Gross Settlement System (RTGS) called Pakistan Real-time Interbank Settlement Mechanism
(PRISM) operated by SBP.
 Raast, also operated by SBP, is country’s instant payment system which provides free of cost funds transfer

facility to the customers.
 Banks and Microfinance Banks (MFBs) providing banking services to customers.

 Electronic Money Institutions (EMIs), issue e-money, and provide e-wallets and payment cards to
customers for digital transactions.
 E-commerce gateways provided by Banks and PSOs/PSPs to e-merchants for facilitating online purchases.
 Payment System Operators and Service Providers (PSOs/PSPs) providing services such as cheque clearing,

interbank ATM switching, bill payments, fund transfer mechanisms and payment gateway services.

This interconnected payments infrastructure comprises of 33 banks, 11 Microfinance Banks (MFBs), 5 Electronic
Money Institutions (EMIs) and 5 Payment System Operators and Service Providers (PSOs/PSPs) providing wide

range of payments and other digital financial services to users across the country. In addition to this, 16
Banks/MFBs offers Branchless Banking (BB) services, thereby extending banking services beyond traditional
branches, through an extensive network of BB agents and mobile apps.

Out of the 44 banks and MFBs, 35 have strategically positioned 18,441 ATMs nationwide, offering round-the-
clock access to cash withdrawal, bill payments, fund transfers, donations, and essential financial services.
Additionally, 11 banks have installed 121,789 POS machines at various merchant locations to facilitate card-

based transactions, while 5 have e-commerce gateways for processing online purchases.

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