KARACHI: State Bank of Pakistan (SBP) has revised regulations for digital on-boarding of merchants in order to enable cash deposits transactions in merchant accounts.
The SBP in a circular issued on Monday said that following amendments have been introduced to Regulations for Digital On-boarding of Merchants.’
Banks/MFBs shall ensure that Merchant Accounts are only used for digital collection of payments against the provision of legitimate goods and services. However, cash deposit into these accounts are permitted subject to terms and conditions mentioned in sub section 9 (b & c) of these Regulations.
In section 9(b) the amendments introduced as
i. All customers including Branchless Banking level “0” accountholders can top up/cash in their accounts up to Rs. 10,000/- per month through biometrically verified merchants. However, cash deposit shall only be used for digital payments.
ii. Total cash deposit in merchant accounts shall not exceed Rs. 100,000/- per month.
