State bank to simplify banking using mobile number as account number

The State Bank of Pakistan (SBP) plans to simplify banking using mobile numbers instead of bank account numbers. It aims to provide banking services to rural and remote citizens who are unbanked and financially excluded. RAAST, Pakistan’s indigenous instant payment system, allows any unique identification number to be linked to a bank account number.

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Syed Sohail Javaad, Director of SBP Payment Systems Department (PSD), expressed the possibility of making payments without providing bank account numbers in the future. Additionally, remembering a long IBAN or bank account number is one of the most challenging tasks in the banking world. In collaboration with the Pakistan Telecommunication Authority (PTA), the central bank has strengthened the cybersecurity of digital banking in Pakistan.

Source: The Express Tribune