The State Bank of Pakistan (SBP) has instructed all issuing and acquiring banks, payment schemes and microfinance banks to refrain from charging any variable transaction fee on electronic payments.
All issuing and acquiring banks, microfinance banks and payment schemes are advised to comply with these instructions.
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The central bank advised the banks to follow its instructions for payments made to provincial and federal governments through electronic modes including electronic wallets and payment cards.
Upon mutual agreement between the government entities and acquiring banks, the latter can charge a fixed service fee.
The acquiring banks, however, may charge a pre-determined flat service fee from the government concerned entities with mutual agreement.
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SBP informed the banks that the instructions are applicable at the time of renewal of agreements as well as new signings.
BTW how can a regulator ask some business to give it’s service for free :-) this doesn’t seems natural..