State Bank of Pakistan (SBP) has directed regulated entities, including banks and financial institutions to update mobile and internet banking with the standard list of purposes for electronic funds transfer by December 2023-end.
The banking watchdog noted that all financial institution providing an EFT facility has their own list of purposes for the customers to choose from while conducting transactions through the Internet and/or mobile banking channels.
Hence, in order to streamline the list of purposes and provide convenience to the customers, a standardized list has been prepared after consultation with the banking industry.
All financial, including commercial and microfinance banks, PSO/ PSP operators, and EMIs are advised to implement the standardized list of purposes and make necessary changes in their digital applications (internet and/or mobile banking. The list of EFT heads standardized is given below:
- Bill Payment
- Educational Payment
- Transfer to Own Accounts
- Transfer to Family & Friends
- Insurance/ Takaful
- Loan/ Credit Card Payments
- Medical Expenses
- Food & Groceries Purchases
- Clothing & Accessories Purchases
- Salaries / Wages Salary
- Vendor/ Supplier/ Business Payment