In order to facilitate the growth of digital payment acceptance points in the country, SBP has decided to issue Rules for Digital On-boarding of Merchants for Electronic Money Institutions (EMIs). These Rules layout the minimum requirements for simplified due diligence process of on-boarding individual 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 Rules shall facilitate the EMIs to onboard 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. |