By Our Correspondent
KARACHI: The State Bank of Pakistan (SBP), under the powers conferred by Section 4(1) of the Payment Systems & Electronic Funds Transfer Act, 2007, has officially notified 1LINK (Private) Limited as a Designated Payment System (DPS).
This landmark recognition highlights the central role of 1LINK in Pakistan’s payment ecosystem, entrusted with ensuring the integrity, stability, and interoperability of the country’s digital financial infrastructure.
As a DPS, 1LINK will continue to work closely with SBP, financial institutions, and fintechs to strengthen consumer confidence and drive the shift toward a more inclusive and digitally connected economy. The DPS status further enhances 1LINK’s responsibility to ensure resilience and security in payments, while allowing it to further expand its interests in innovation and business growth.
We extend our sincere gratitude to SBP for their confidence and trust, to our member banks and customers, to the payments industry at large, and to staff and our Board of Directors for their unwavering support. This achievement truly belongs to all of them, the statement issued by the company said.
1LINK (Pvt) Limited, owned by a consortium of 11 banks, is the country’s first PSO/PSP and now the first Designated PSO/PSP and the largest switch and payment system, providing a host of valuable online banking services like ATM switching, 1BILL billing platform, Inter Bank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, International Payment Schemes, PayPak – Domestic Payment Scheme, Sohni Dharti Remittance Program, etc. ILINK is continuously evolving and adding new products and services to benefit the financial industry.
