The central bank of Pakistan has scrapped the minimum merchant discount rate of one and a half percent on online purchases and has directed vendors to pay the “merchant discount rate” charged by banks that facilitate online payments to their customers. Contact relevant banks to determine. Good News for online Shoppers
State Bank sources say that this decision has been taken to promote debit and credit card payments in the country.
State Bank of Pakistan has directed the e-commerce payment processing banks and companies to enable online shopping through PayPak.
It should be noted that before this decision of the central bank, the minimum rate of merchant discount rate was 1.5 percent. Part of this fee was paid to payment processing companies and part was used as an interchange fee for using bank machines.