Last Updated on: 17th July 2023, 02:01 pm
Federal Govt Hints At A Plan To Avoid Card Transaction Fees
The prime minister’s strategic reforms chief Salman Sufi said on Sunday that companies asking their citizens to pay a 2% processing fee for credit card transactions are opposed to cashless savings policies.
Sufi said corporations should not benefit from exploiting citizens.
“We will evaluate this practice and see how the government can discourage it,” he added.
According to the State Bank of Pakistan, a total of 47.2 million payment cards were in circulation in the country at the end of the third quarter of FY22. Of the total number of cards in circulation, 62.3% were debit cards, welfare cards (23.3%), ATM cards (10.3%), credit cards (3.7%), and finally prepaid cards (0.3% ).
It is worth mentioning here that the government recently announced a series of public banking reforms aimed at supporting independent workers, corporate customers, and the general public.
Also Read: SBP Reserves Increases From $272 mln To $16.1 bln: Foreign Exchange
