The Presidents / Chief Executive Officers

All Banks / Microfinance Banks

Payment System Operators & Payment Service Providers

Dear All,

Regulations for Payment Card Security

In order to enhance the security of Payment Cards and safeguard the interests of consumers, it has been decided to issue ‘Regulations for Payment Card Security’ under Section 3 read with Section 15 of the Payment Systems and Electronic Fund Transfers Act, 2007.

2. These Regulations outline a minimum set of operational, administrative, technical and physical safeguards to secure Payment Card operations in Pakistan and are based on international best practices and standards.
3. These Regulations shall be effective from January 01, 2017 and shall be applicable to:   
   1. All Financial Institutions and Payment System Operators (PSOs) & Payment Service Providers (PSPs) who are in the business of issuing, acquiring and processing Payment Cards in Pakistan and;   
   2. All types of Payment Cards excluding Social Transfer Cards.
4. Please acknowledge receipt.