{"id":60985,"date":"2020-02-05T10:25:50","date_gmt":"2020-02-05T10:25:50","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=60985"},"modified":"2020-02-05T10:25:51","modified_gmt":"2020-02-05T10:25:51","slug":"sbp-instructs-banks-offer-paypak-cards-customers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-instructs-banks-offer-paypak-cards-customers.html","title":{"rendered":"SBP instructs banks to offer PayPak cards to customers"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) recently instructed all the country\u2019s banks to offer PayPak cards to their customers on a priority basis, a news source reported. As per the publication, in order to improve the acceptance of payment cards in Pakistan, the central bank has also introduced three steps for the banking industry to follow for enhancing the digital payment services landscape in Pakistan, along with promoting financial inclusion.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/banks-use-sbps-online-portal-submitting-foreign-exchange-cases.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Banks to use SBP\u2019s online portal for submitting foreign exchange cases (opens in a new tab)\">Banks to use SBP\u2019s online portal for submitting foreign exchange cases<\/a><\/p>\n\n\n\n<p>The SBP has introduced the following steps for this purpose:\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>All banks are now bound to offer domestic\npayment scheme card \u2018PayPak\u2019 to their customers as the first priority.\nMeanwhile, the banks can issue the international payment schemes like MasterCard,\nVisa, and Union Pay upon the customer\u2019s request<\/li><li>Banks will now charge the Merchant Discount Rate\n(MDR) within the range of 1.5% and 2.5%. Previously, banks could charge any fee\nto the merchants<\/li><li>SBP has rationalised the distribution of\nrevenues, generated from a merchant, among the players including the card\nissuer, card machine deploying entity, and the payment scheme company. This\nmeasure will keep the incentives equitable among all the stakeholders<\/li><\/ul>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/sbp-asked-divest-hbfc-shareholdings.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SBP asked to divest its HBFC shareholdings (opens in a new tab)\">SBP asked to divest its HBFC shareholdings<\/a><\/p>\n\n\n\n<p>Furthermore, SBP has identified a gap in cheque clearing where it took weeks to clear cheques originating from far-flung areas of the country. To resolve this issue, the central bank has allowed the use of Pakistan Real Time Interbank Settlement Mechanism (PRISM). With this allowance, the processing time for clearing cheques in areas not easily accessible will decrease significantly \u2014 also helping the financial institutions in these areas to access digital channels.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/sbp-incur-online-tax-payments-fee.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SBP to incur online tax payments fee (opens in a new tab)\">SBP to incur online tax payments fee<\/a><\/p>\n\n\n\n<p>Previously, SBP had introduced the National Payment Systems Strategy\nin November 2019. Since then, it has continued to take steps for promotion of\ndigitalisation of payment transactions in Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) recently instructed all the country\u2019s banks to offer PayPak cards to their customers on a priority basis, a news source reported. As per the publication, in order to improve the acceptance of payment cards in Pakistan, the central bank has also introduced three steps for the banking industry to follow for enhancing the digital payment services landscape in Pakistan, along with promoting financial inclusion. Read: Banks to use SBP\u2019s online portal for submitting foreign exchange cases The SBP has introduced the following steps for this purpose: All banks are now bound to offer domestic payment scheme card \u2018PayPak\u2019 to their customers as the first priority. Meanwhile, the banks can issue the international payment schemes like MasterCard, Visa, and Union Pay upon the customer\u2019s request Banks will now charge the Merchant Discount Rate (MDR) within the range of 1.5% and 2.5%. Previously, banks could charge any fee to the merchants SBP has rationalised the distribution of revenues, generated from a merchant, among the players including the card issuer, card machine deploying entity, and the payment scheme company. This measure will keep the incentives equitable among all the stakeholders Read: SBP asked to divest its&hellip;<\/p>\n","protected":false},"author":68,"featured_media":60606,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[14018,17891,17893,17892,6066],"persona":[],"class_list":{"0":"post-60985","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-banking","9":"tag-details-on-sbp-instructs-banks-to-offer-paypak-cards-to-customers","10":"tag-digital-payments","11":"tag-payment-cards","12":"tag-sbp","13":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP instructs banks to offer PayPak cards to customers - Zameen News<\/title>\n<meta name=\"description\" content=\"he State Bank of Pakistan (SBP) recently instructed all the country\u2019s banks to offer PayPak cards to their customers on a priority basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-instructs-banks-offer-paypak-cards-customers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP instructs banks to offer PayPak cards to customers - Zameen News\" \/>\n<meta property=\"og:description\" content=\"he State Bank of Pakistan (SBP) recently instructed all the country\u2019s banks to offer PayPak cards to their customers on a priority basis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-instructs-banks-offer-paypak-cards-customers.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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