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Threshold of letter of credit payment increased to $100,000

ISLAMABAD: The government has increased payment threshold of letter of credits from present $50,000 to $100,000, Finance Minister Ishaq Dar said on Monday. Briefing media here on Monday, Minister for Finance Senator Ishaq Dar announced the government’s decision to increase the threshold of letters of credits (LCs) payments from $50,000 to $100,000. With respect to […]

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State Bank of Pakistan

Banks directed to adopt standard QR codes for payments in Pakistan

KARACHI: State Bank of Pakistan (SBP) has directed all commercial banks and other financial institutions to adopt EMVCo’s EMV QR Code Specifications for Payment Systems (QRCPS). The SBP said that Quick Response (QR) Codes have been emerging as low cost payment acceptance alternative to Point of Sale (POS) terminals in Pakistan, especially for small merchants. […]

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