SBP abolishes fee on card transactions


The State Bank of Pakistan (SBP) has abolished the mandatory minimum fee of 1.5%, which was being charged by banks from merchants on financial transactions done through debit and credit cards, and allowed financial institutions to charge even less than 1.5% to promote digital banking.

The central bank has maintained maximum limit of the fee at 2.5%, according to a notification issued on Friday.

Besides, the SBP made it mandatory for all e-commerce players and online payment receivers in Pakistan to start accepting payments through cards maximum by June 30, 2023.