The State Bank of Pakistan (SBP) has added two banks into the Point-of-Sale (POS) acquiring business, namely The Bank of Punjab and Faysal Bank Ltd.
These banks will be contributing to the broader expansion of the POS network nationwide. The other nine acquiring banks have strategically deployed their POS machines in diverse locations, including stores, outlets, supermarkets, fuel stations, and hospitals across the country.
The acquiring banks are Meezan Bank Limited, Bank Alfalah, Habib Bank Limited, United Bank Limited, Bank Al-Habib Limited, Allied Bank Limited, Telenor Microfinance Limited, MCB Bank and Habib Metro Bank. There are over 121,789 POS machines deployed for digital transactions across the country. The debit cards are used by the customers for making transactions against the purchases.
Currently, 11 banks/MFBs offer POS services, among them two are facilitating closed-loop POS machines. These closed-loop machines efficiently provide cash withdrawal services at bank branches, environment friendly and easing cashier workloads. The share of these transactions is almost negligible.
According to SBP, more than 65 million POS purchases were conducted during the quarter amounting to Rs. 363.2 billion, including 3.5 million transactions for Rs. 20 billion with foreign cards. Although number of POS machine is increasing every quarter, but the growth is somewhat stagnant due to the high merchant rate imposed on merchants by acquirers.
No any restaurants superhyway karachi assuming POS ( fbr ) receipt.