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SBP urges banking sector to promote digital payments amid coronavirus concerns

These measures have been taken to limit people's movement and prevent the novel coronavirus from spreading.

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The State Bank of Pakistan has instructed banks and financial organizations to promote digital payment services so that customers won’t have to visit banks or ATMs for money transactions.

Amid coronavirus outbreak, the objective of these measures is to reduce the need for visiting bank branches or the ATMs and to promote the use of Digital Payment Services including internet banking, mobile phone banking, etc.

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Furthermore, the banks have been advised to facilitate their customers in using online banking while taking all necessary precautions to ensure the safety and security of customer’s funds. And also to make ensure that call centers/helplines are available 24/7 for instant customer support.

SBP has also directed banks to waive off charges on online banking systems including Inter Bank Fund Transfer (IBFT) and SBP’s Real Time Gross Settlement System so that people can transfer money through phone or online channels without any cost.

Meanwhile, the financial sector has also been advised to be vigilant in order to prevent online fraud.

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.

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