Credit Card Payments
The Senate Standing Committee on Finance, chaired by Salim Mandviwala, has placed significant emphasis on enforcing regulations regarding credit card payments in Pakistan.
During the committee meeting, the Chairman of the Federal Board of Revenue (FBR) assured strict measures to enforce compliance with regulations requiring retailers to accept payments through credit cards.
He emphasized that it is now mandatory for businesses to facilitate transactions via credit cards, with potential closure as the consequence for non-compliance.
“Failing to accept credit card payments is not an option,” declared the FBR chairman, highlighting the stringent stance aimed at enhancing transparency and convenience for consumers.
Senator Sherry Rehman raised concerns regarding retailers using technical issues as excuses for not accepting credit cards, urging swift resolution of such impediments. She emphasized the urgency of implementing these measures without delay.
The committee underscored that consumer complaints regarding non-acceptance of credit cards—limited to three per day or five per week—would trigger regulatory action against non-compliant businesses.
Additionally, businesses failing to issue at least three receipts daily or five receipts weekly through Point of Sale (POS) systems could face penalties up to Rs500,000.
To enhance oversight, the FBR chairman announced the implementation of a new monitoring dashboard to track the operational status of POS machines in shops across the country. This initiative aims to improve accountability and ensure adherence to the newly enforced regulations.
The measures discussed in the committee meeting are part of broader efforts to streamline financial transactions and promote a cashless economy in Pakistan.
By mandating the acceptance of credit cards and imposing penalties for non-compliance, the government aims to enhance consumer convenience, transparency in business transactions, and overall economic efficiency.
The committee concluded with a commitment to monitor the implementation of these measures closely to ensure their effective enforcement and to address any operational challenges promptly.
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