KARACHI – The State Bank of Pakistan (SBP) has clarified about cooling period in digital funds transfers.
“This refers to the news item on social media regarding the 2-hour cooling period for digital fund transfers. In this regard, it is clarified that all digital fund transfers are made on real real-time basis and the beneficiaries receive funds in their accounts almost instantly”, reads a press release issued by the SBP on Sunday.
The 2-hour cooling period applies only to the usage/cash-out of funds received in branchless banking wallets/accounts. While the funds in the branchless banking wallets/accounts are also received instantly, the cash-outs, online purchases or mobile top-ups against these funds can be made after the two (02) hour cooling period.
This requirement was introduced in April 2023, as the ‘customer due diligence requirements’ for branchless banking accounts are relatively simpler, and thus, they have a greater probability of use in fraudulent transactions. The 2-hour cooling period allows sufficient time for the customers to report any fraudulent transactions to their banks.
The cooling period instructions issued two and a half years back have worked smoothly and proved to be a robust check against fraudulent transactions.
