SBP Introduces Digital Cheque Clearing in Pakistan

Web Desk — Digitalizing financial products and services, the State Bank of Pakistan (SBP) has introducted cheques clearing and a unified QR code for payments.

SBP Governor Dr Raza Baqir says introduction of these digital services by the financial institutions will benefit all segments of society.

He said, “The digital cheque clearing initiative will replace physical presentation and clearance.”

Now one can send a scanned cheque and the bank will make payment or deposit the amount into the receiver’s account.