Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular No. 05 of 2019
November 01, 2019

The Presidents/ Chief Executives,
All Banks / Microfinance Banks



Dear Sirs/Madams,

Regulations for Digital On-boarding of Merchants


In order to facilitate the growth of digital payment acceptance points in the country, SBP has decided to issue Regulations for Digital On-boarding of Merchants for Banks/MFBs. These Regulations layout the minimum requirements for simplified due diligence process of on-boarding individuals and self-employed persons as merchants, services to be offered by these merchants, transaction limits, maximum account balance limits, security measures, dispute resolution mechanism and reporting of data to SBP.

2.  These Regulations shall facilitate the Banks/MFBs to on-board small retail merchants and enable them to accept their payments digitally, thus providing new payment options to the consumers and broadening the financial inclusion base in the country.

3.   Please acknowledge receipt.

 

 


Enclosure: Regulations for Digital On-boarding of Merchants


  Yours faithfully,

Sd/-

(Muhammad Akhtar Javed)
Director



       
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