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.
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