As most of you may be aware that payment systems are usually categorized as wholesale and retail payment systems. Like the rest of the world, SBP upgraded its wholesale payments infrastructure to a Real Time Gross Settlement system, over a decade ago. The RTGS system has made our monetary policy operations more effective and efficient. 12.
Now with the emergence of new enabling technologies, the retail payment systems are being transformed into the so-called “faster payments” that enables the public to pay and receive money in almost real time. Consumers accustomed to instant communication via email and social media expect to be able to make payments instantly.