Business Reporter
Karachi: The State Bank of Pakistan (SBP), exercising its powers under Section 4(1) of the Payment Systems & Electronic Funds Transfer Act, 2007, has officially notified 1LINK (Private) Limited as a Designated Payment System (DPS) — a first-of-its-kind recognition in Pakistan’s financial sector.
The designation underscores 1LINK’s pivotal role in ensuring the integrity, stability, and interoperability of the country’s digital payment ecosystem. As a DPS, 1LINK will collaborate closely with SBP, financial institutions, and fintechs to boost consumer confidence, enhance resilience, and accelerate the shift toward a more inclusive, digitally connected economy.
In a statement, the company expressed gratitude to SBP, member banks, customers, the payments industry, staff, and its Board of Directors, attributing the achievement to their collective support.
Owned by a consortium of 11 banks, 1LINK is Pakistan’s first Payment System Operator/Provider (PSO/PSP) and now the first to be formally designated as a DPS. It operates the country’s largest switching and payment system, offering a wide range of services including:
- ATM Switching
- 1BILL billing platform
- Inter-Bank Funds Transfer (IBFT)
- Fraud Risk Management (FRM)
- Switch Dispute Resolution
- Integration with International Payment Schemes
- PayPak – Pakistan’s domestic payment scheme
- Sohni Dharti Remittance Program
Continuously expanding, 1LINK remains at the forefront of digital innovation in Pakistan’s financial sector, with its DPS status further elevating its responsibilities and opportunities for growth.
