Islamabad: According to media sources, State Bank of Pakistan (SBP) Governor Dr Reza Baqir launched the National Database and Registration Authority (NADRA) contactless biometric verification services for the banking and payments industry on Thursday.

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It was revealed that the service has been deployed at the national level, making Pakistan one of the first countries to do so. For a trial project, the remote biometric verification service will be extended to five banks. Other banks and SBP-licensed Electronic Money Institutions (EMIs) will be able to use the service after the necessary requirements are fulfilled.

According to the information provided, banks would utilise a digital app on cellphones to record and authenticate account holders’ fingerprints from their residences. The financial system will be revolutionised as a result of the deployment of this technology.

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This new remote verification service for banks, according to the SBP governor, is in accordance with the SBP’s financial inclusion agenda. He went on to explain that adopting such technology will provide the financial sector with incalculable benefits since it lowers operational expenses and relieves strain on institutions.

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