A collaborative effort of the State Bank of Pakistan (SBP) and the National Database and Registration Authority (Nadra), has revolutionized the banking system with the launch of contactless Bio-metric Verification System for the Banking and Payment Industry. Transforming the entire banking system and has made Pakistan one of the first countries to implement a contactless Bio-Metric Verification System at the National level.
This new system will be highly convenient in terms of checking information about individual identity, banking details, vehicle licenses, and other official documents that can be accessed using smartphones. Citizens of Pakistan do not need to go to the NADRA office for the confirmation of their documents, all the details shall be displayed on their smartphones.
Contactless Biometric Certification system is being possible with the effective collaboration of Nadra and State Bank of Pakistan, providing citizens an innovation in Online Banking and NADRA associated documentation, users can confirm their fingerprints while staying at home.
Dr. Raza Baqar, The Governor of the State Bank, and Prime Minister Imran Khan inaugurated the PAK-ID Mobile App with the help and co-operation of the National Database and Registration Authority (Nadra).
Prime Minister Imran Khan in his recent Tweet said that he proudly inaugurated the PAK-ID Mobile app powered by Nadra and co powered by the State Bank of Pakistan. He added it is going to be a revolutionary step to provide facilities to Foreigners. The applicants can now get fingerprints, photos, and documents using mobile phones. He praised the efforts of Nadra Chairman Mr. Tariq Malik and the Nadra team for a great initiative.
The National Database and Registration Authority (NADRA) has added a feature in their mobile app, which will allow individuals to access, retrieve and edit false information from their CNIC Online while following certain protocols to avoid any deformation or breach of law.
The application is still in the pilot testing phase and has welcomed only 5 major banks of the country with the permission of the State Bank of Pakistan. Other banks can also be added after the infancy stage of the application, more banks and EMI’s will be added after they complete certain formalities.
On the inauguration of this convenient Mobile Device Application, Dr. Reza Baqar said, “This new mobile-based verification service for banks and Electronic Money Institutions is in line with SBP’s financial inclusion initiative while creating opportunity for rapid onboarding using remote identification and e-KYC features.” He also added, “early adoption of this new technology has endless potential to reach towards underserviced population while it extends a great benefit to the financial sector as it will reduce the operational costs, aiding in releasing pressure on Banks who have been negatively impacted during this Pandemic.
All the National Banks in Pakistan already have started their elementary development work required to get on board for this new Application. Nadra has confirmed that this service won’t be reserved for conventional banks but also the Electronic Money Institution in Pakistan e.g. Western Union.
Surely, this new innovative product will not just provide benefit to the customers, enabling them to open bank accounts, tracking the electronic transactions, and accessing their official documents from the ease of their homes but also this will give a new edge to financial flow and inclusion in Country. Indeed, a new step towards advanced and progressive Pakistan.