In a bid to strengthen digital security and promote financial transparency, the State Bank of Pakistan (SBP) has issued new guidelines for cash transactions through mobile wallets like easypaisa and Jazz Cash.
Under the new regulations, customers will have to verify their identity through biometric verification to deposit or withdraw cash at authorized retail outlets. Over-the-counter transactions made without biometric verification will be rejected.
This step has been taken specifically to prevent digital fraud and make every cash transaction secure and traceable. The authorities have clarified that the ban will not apply to the use of online wallets, fund transfers, and other digital facilities of the app, and the accounts and balances of the customers will remain completely safe.
This regulation will only apply to physical cash transactions made through these retailers and will not create any hindrance in the day-to-day use of mobile wallets.
It is worth mentioning that Pakistan’s digital payments system continues to grow, recording a 12% year-on-year increase in retail digital transaction volume between October and December 2024. This progress is due to the increasing access to mobile banking and growing trust in e-wallet services.
