The State Bank of Pakistan (SBP) has added further facilities for the customers repayment options on Alternate Delivery Channels (ADCs).

Referring to PSD Circular No. 01 of 2009, regarding “Operational Guidelines for Credit Card Business in Pakistan” and PSD Circular Letter No. 02 of 2018, regarding Credit Card Bill Payment Service.

The SBP stated that it has now been decided that all Banks/MFBs shall enable fully interoperable digital payment options for their customers, for repayments on consumer financing facilities (as defined in Prudential Regulations for Consumer Financing). In this regard, following minimum requirements shall be met:

The repayment option shall be available on customers’ ADCs including internet and mobile banking on bill presentment/payment model.

At the time of payment, the system shall fetch the amount of outstanding loan as well as installment due, for the particular loan. In this regard, banks/MFBs shall ensure that updated and authentic information is displayed to avoid confusion and disputes.

Banks/MFBs shall have the discretion to allow full or partial payment of the amount due as per their own policies and procedures.

SBP said that all such online payments/repayments including credit card bill payments shall be considered as paid/final on the date of execution of transaction as per the acknowledgement received by the customer from their banks.

The central bank has advised all Banks/MFBs to fully comply with the instructions contained herein by June 30, 2021.