KARACHI: The State Bank of Pakistan (SBP) on Thursday issued rules for Payment System Operators (PSOs) and Payment Service Providers (PSPs), to promote competitive environment and transparency within the payments market.

These rules would promote the development of strategic initiatives in the country, such as improving the outreach of financial services to the unbanked communities, saving foreign exchange and providing an efficient, convenient and secure processing of payments for business community.

PSOs and PSPs may include electronic payment gateway service providers, e-commerce gateway service providers, point of sale gateway service providers, remittance gateway service providers and automated and electronic clearing houses.

Published in Dawn, October 24th, 2014