PTA issues new regulations for mobile banking in Pakistan
According to the notification shared by the PTA, these regulations shall be called “Regulations for Technical Implementation of Mobile Banking (Amendment), 2019, and shall come into force from the date of gazette notification”.
Under these new rules, all the telecom operators of Pakistan, Authorized Financial Institutions (AFIs) and Third Party Service Provider (TPSP) are allowed by the PTA to collaborate with each other by entering into interconnecting agreements. This collaboration will extend telecommunication services and systems to facilitate each other more effectively in the delivery of technical services for mobile banking.
Currently, the companies including EasyPaisa, JazzCash, Zong PayMax, Keenu Wallet, uPaisa, UBL Omni, SimSim among many others are offering mobile banking services in Pakistan. The new regulations of mobile banking will interlink these platforms with each other.
The amendments shared by the PTA are as follows;
Amendment in regulation 5 of S.R.O 391(1)12016:
“In regulation 5 of Regulations for Technical Implementation of Mobile Banking at page 1389 of S.R.O 397(1)120l6 of 2.016, a new clause (xxvii) shall be inserted after Clause (xxvi) of sub-regulation (2) of regulation 5”
Amendment in regulation 8 of S.R.O 397(l)12016:
“In regulation 8 of Regulations for Technical Implementation of Mobile Banking 2016 at page 1390 of S.R.O 397(1)12016 of 2016, sub-regulation (2) of regulation 8 shall be substituted”.
With this interconnectivity between telecom operators and other related institutions, the mobile banking experience of consumers will surely improve.