SBP Makes Online Payments Free for Customers for all Commercial Banks – Research Snipers

SBP Makes Online Payments Free for Customers for all Commercial Banks

State Bank of Pakistan (SBP) has waived off transactional charges on various modes of online payments for customers, aiming to control the risk of the spread of Coronavirus (COVID-19) and limit the physical interaction of citizens at the branch level.

Banking transactions can be made by the customers without any charges for fund transfer, utility bills payments, tax submission, mobile top-ups and etc.

Commercial and microfinance banks shall waive all charges for customers using their online fund transfer services. These include Intra and Interbank Fund Transfers (IBFT) till further notice is given, as per a circular issued by SBP.

The transaction charges on RTGS customer transfers will be waived by banks/MFBs. Also, SBP has waived charges on these transactions with immediate effect till further directions are given.

SBP has decided that the fees earned on all the online bill payment services that includes utility bill payments, mobile top-ups, and collection of taxes and duties will be shared equally between Banks/MFBs and the concerned PSO.

Commercial, microfinance banks and payment service providers have been advised by SBP to make sure they are 24/7 available of all Alternate Delivery Channels (ADCs) that includes ATMs, POS, internet banking, payment gateways, mobile banking and call centers for customers.

On digital channels vigilance will be enhanced by Banks/MFBs/PSO/PSPs. Also monitoring will be increased on cyber threat actors that can take advantage of the situation to carry out email, ransomware attacks, phishing, etc.

All 1Link member Banks/MFBs are advised to deploy Fraudulent Transaction Dispute Handling (FTDH) systems and strictly follow the timelines for the resolution of fraudulent transactions.

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