The move aims to boost economic sovereignty, reduce foreign transaction dependency
In a significant shift toward financial autonomy, the Senate Standing Committee on Finance in Pakistan has endorsed the development of a national payment gateway to rival global giants like Visa and Mastercard. The move is part of the government’s broader push to strengthen local fintech infrastructure and reduce reliance on costly international payment processors.
The committee, chaired by Senator Saleem Mandviwalla, gave its backing to the State Bank of Pakistan (SBP) to expedite efforts to roll out a domestically operated card and transaction processing system. This initiative follows growing concerns over the high fees charged by international platforms and the control they exert over the nation’s payment landscape.
“This is not just a financial decision, it is a strategic one,” Senator Mandviwalla said during the session. “Pakistan must have its own sovereign payment system — one that puts local businesses and consumers first, keeps money in our economy, and shields us from external vulnerabilities.”
The proposed platform is expected to allow local banks and financial institutions to process debit and credit card transactions entirely within the country, reducing foreign exchange outflows and enhancing data security.
Financial experts have welcomed the move, citing its potential to empower local fintech startups, reduce transaction costs for merchants, and encourage innovation in the digital economy. According to recent SBP data, Pakistanis pay millions of dollars annually in fees to Visa and Mastercard — a figure that could be drastically reduced with a domestic alternative.
However, some analysts caution that replicating the global reach and reliability of established platforms will be a challenge.
Economist Dr. Ayesha Ghaus noted: “Building trust and scalability in a national system will require significant investment, robust cybersecurity, and regulatory oversight. But the long-term benefits, including digital sovereignty and financial inclusion, are well worth the effort.”
The SBP has not yet confirmed a timeline for the rollout but indicated that the project is at an advanced planning stage. Once operational, Pakistan will join countries like Russia, India, and China in establishing homegrown alternatives to Western payment networks.
