Lahore: The State Bank of Pakistan (SBP) has abolished its service charges on payment cards in a bid to facilitate donation disbursements to the government’s recently established COVID-19 relief fund, a news source reported. Specifying further, it has intimated that service charges will not be applicable on debit, credit, and prepaid cards used for this purpose.
To this effect, SBP has asked all affiliate banks to abolish Merchant Discount Rate (MDR), Merchant ID Fee, Interchange Reimbursement Fee (IRF), and on-boarding fee currently applicable on transactions directed to the relief fund.
Moreover, the central bank has notified that “likewise, withdrawal of Service Charges on Donations/ Payments to Supreme Court of Pakistan’s Diamer Bhasha and Mohmand Dam Fund through Payment Cards. It has been decided that the scope of the Circular issued previously would also cover Payments/Donations made to the Prime Minister’s as well as provincial governments’ Covid19 Pandemic Relief Funds”.
