The State Bank of Pakistan (SBP) has expanded the Point-of-Sale (POS) acquiring business by adding The Bank of Punjab and Faysal Bank Ltd. to the network.
These additions aim to enhance the POS network nationwide, complementing the efforts of the existing nine acquiring banks. These banks have strategically placed POS machines in various locations such as stores, outlets, supermarkets, fuel stations, and hospitals across Pakistan.
The acquiring banks include Meezan Bank Limited, Bank Alfalah, Habib Bank Limited, United Bank Limited, Bank Al-Habib Limited, Allied Bank Limited, Telenor Microfinance Limited, MCB Bank, and Habib Metro Bank. With over 121,789 POS machines deployed, customers utilize debit cards for transactions during purchases.
Among the 11 banks/MFBs offering POS services, two facilitate closed-loop POS machines. These machines streamline cash withdrawal services at bank branches, are environmentally friendly, and alleviate cashier workloads, although their transaction share remains minimal.
During the quarter, SBP reports over 65 million POS purchases totaling Rs. 363.2 billion, including 3.5 million transactions worth Rs. 20 billion with foreign cards. Despite increasing POS machine numbers, growth is hindered by high merchant rates imposed by acquirers.
