SBP issues prepaid card regulations


ISLAMABAD, May 9 (APP): In order to promote electronic payments in Pakistan by introducing alternate digital means of payments and achieve greater financial inclusion by taking advantage of the technological developments in the card industry, SBP has issued Prepaid Card Regulations.
A statement of the Central Bank issued on Monday said prepaid Card is a payment instrument built around a pay early, spend later model rather than the pay now and pay later models used in debit and credit cards respectively.
Prepaid Cards are considered ideal for giving unbanked segments of the population a flavor of formal financial products without the need of opening a formal banking account.