Tag: Transactions
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July remittances post significant hike
The Pakistani diaspora has sent $3 billion back home in July, 48 percent higher than the previous year, The News has reported. State Bank Pakistan (SBP) data shows that remittances from Saudi Arabia increased by 56 percent to $761 million in July, while those from the United Arab Emirates increased by $611 million.The percentage reflected…
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1.5% transaction fee for debit and credit cards abolished by SBP
The mandatory minimum fee of 1.5 per cent that banks were required to charge merchants on financial transactions made with debit and credit cards has been eliminated by the State Bank of Pakistan (SBP), and financial institutions are now permitted to charge even less than that amount to encourage the use of digital banking. According…
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President takes notice of increasing online bank frauds in Pakistan
President Dr Arif Alvi has taken serious notice of the rising trend of online banking frauds where fraudsters obtained contact details of banks’ clients by impersonating bank officials to get account and banking information and then used these details to swindle money out of clients’ accounts. In a press release released on Saturday, the President…
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SBP instructs banks to inform customers in advance about downtime of digital banking services
The use of banking apps and sites for carrying out day-to-day transactions has considerably increased. However, it has been noted that in cases of service outages, customers are not properly informed in a timely manner, due to which they face issues with transactions. Now, in order to ensure that customers are informed about service disruptions…
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Pakistani banks start charging dollar transactions at open market rates
Pakistani banks have announced that they will settle debit and credit card transactions made with foreign retailers and websites at the open market exchange rate for the US dollar. The conversion rate for the transactions would be calculated by the open market rate in place at the time, which might not match the rate listed…
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Finance Ministry agrees to IT minister’s suggestion regarding Google payments
Following the Ministry of Finance’s decision to allow blocked payments to international service providers, including Google, on the advise of IT Minister Aminul Haque, Pakistan averted the suspension of paid Google Play mobile apps on Thursday. A $34 million payment suspension by the State Bank of Pakistan (SBP) to foreign service providers might have prevented…
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All banks to remain open this Saturday
State Bank of Pakistan has recently announced that all banks and their branches would be open on Saturday, April 30, 2022. In accordance with SBP’s orders incorporated in Banking Policy and Regulations Department (BPRD) Circular Letter No. 11 of 13 April 2022, all banks and their branches will remain open on Saturday, April 30, 2022.…