Wednesday, July 24, 2024

FBR to Seal Businesses Refusing Credit/Debit Card Payments

FBR Chairman Amjad Zubair Tiwana has warned traders who do not accept credit or debit cards that their businesses will be sealed.

The announcement was made during a Senate Standing Committee on Finance meeting, where members reported complaints about retailers, including restaurants and bookstores, not accepting card payments and claiming their machines were down.

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Tiwana assured the committee that measures would be taken to ensure payments can be made through credit cards, making it mandatory for retailers to accept such payments. He emphasized that businesses refusing to accept credit or debit cards would be closed.

Additionally, retailers not implementing the Point of Sale (POS) invoice system will face a fine of Rs 500,000 and will only be allowed to reopen their businesses or shops seven days after the fine is imposed.

The use of credit cards for purchases recorded a 24.5 percent annual growth in December, according to the State Bank of Pakistan (SBP).

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