Tag: withdrawals

  • Karachi residents disappointed as ATMs run out of cash ahead of Eid-ul-Azha

    Karachi residents disappointed as ATMs run out of cash ahead of Eid-ul-Azha

    As the country prepares to celebrate Eid-ul-Azha on June 29, the residents of Karachi are encountering a pressing issue with the depletion of cash in automated teller machines (ATMs).

    Consumers have expressed their grievances regarding the frequent unavailability of ATM services during the lead-up to Eid festivities.

    “We have made multiple visits to ATMs since this morning, only to find them out of order and devoid of cash,” shared concerned individuals.

    It is not uncommon for consumers to encounter difficulties with ATMs nearing the arrival of Eid. This situation arises due to the heightened demand for cash withdrawals, particularly for the purchase of sacrificial animals.

    Pakistan is set to observe Eid on June 29 (Thursday). The government has declared a four-day holiday for the public, including the Day of Arafah, which falls on June 28.

  • 1.5% transaction fee for debit and credit cards abolished by SBP

    1.5% transaction fee for debit and credit cards abolished by SBP

    The mandatory minimum fee of 1.5 per cent that banks were required to charge merchants on financial transactions made with debit and credit cards has been eliminated by the State Bank of Pakistan (SBP), and financial institutions are now permitted to charge even less than that amount to encourage the use of digital banking.

    According to a notification released on Friday, the central bank has kept the fee’s upper ceiling at 2.5 per cent.

    Also, the SBP mandated that all online merchants and payment recipients in Pakistan begin taking card payments no later than June 30, 2023.

    Before, petrol outlets stopped taking payments made with debit and credit cards and asked that the 1.5 per cent fee be eliminated.

    The elimination of the minimal fee has long been demanded.

    Eliminating the minimal fee is a good thing for digital transactions, according to experts. The State Bank’s plan to boost the use of digital cards includes this, as this decision would also improve the documentation of the economy and help decrease cash-based transactions.

    Across the nation, there are about 45 million debit and credit cards. Nonetheless, the majority of cardholders use their cards to make ATM withdrawals. Just 5–10 per cent of POS users utilise cards.