NADRA’s new digital payment method is likely to replace ATM.
The National Database and Registration Authority (NADRA) has launched an innovative system that will serve as an alternative to Automated Teller Machines (ATMs) and allow citizens to pay utility bills and identity documents.
This development is the result of NADRA’s partnership with Link1, Pakistan’s largest fully licensed payment gateway system.
The two agencies have formed a strategic alliance to develop and operate an electronic payment system that will leverage NADRA’s existing e-Sahulat franchise.
According to DAWN, the collaboration will enable the more than 17,000 e-Sahulat centres to perform financial transfers, deposit and withdrawal transactions, and P2G, G2P, and P2P payments.
With the advent of digital technology, the banking system will undergo a paradigm shift by adding remote biometric capture technology to the digital banking system.
The service will initially be extended to five banks that have been nominated by the SBP for a pilot project.
Other SBP-licensed banks and electronic money institutions (EMIs) will also be included in the scheme once the necessary formalities have been completed.
Once the pilot project is complete, this service will be extended to all banks/EMIs.
On this occasion, Dr Baqir said, “This new mobile verification service for banks and EMI is in line with SBP’s financial inclusion initiative, while also enabling rapid onboarding using remote identification and e-KYC capabilities.”
He added: “Early adoption of this new technology has infinite potential to reach the disadvantaged population while providing major benefits to the financial sector by lowering operating costs and helping to ease the pressure on banks, which have been negatively impacted during the pandemic.”
Nadra President Tariq Malik said, “This new technology enables contactless fingerprinting and matching using a smart mobile phone, offering an alternative to conventional methods of conducting digital financial transactions that may require specialized equipment or visits to bank branches.”
@NadraPak rolls out #ePayment platform by successfully integrating @esahulatHQ and #1LINK -Thus enabling 17000+ outlets to perform fund transfer, cash, #P2G #G2P & #P2P payments
40K+ bank account holders can do cash transactions thru #biometric verification
#KYC #innovation pic.twitter.com/kiWRmOSwcU— Tariq Malik ™ (@ReplyTariq) September 9, 2022
