In order to promote digitisation in the banking sector and encourage use of digital channels, the State Bank of Pakistan (SBP) has instructed all banks to provide a minimum set of services on their internet banking (IB) and mobile banking (MB) channels.
According to a statement issued on Wednesday, these services will include bill payments, funds transfer/IBFT, beneficiary management, limit management, credit and debit card management, stop cheque payment etc. To encourage the use of internet and mobile banking services by their customers, banks will not levy any activation, subscription or annual charges on their customers for using such services.
The digitization of the entire payment process is hindered if the customers can make payments to only those billers that are registered with their own bank. Hence, in order to facilitate the customers, the banks have been advised to make necessary arrangements to ensure that their customers can make online payments to the maximum number of billers.
