The Pakistan Telecommunication Authority (PTA) has issued new regulations for the technical implementation of mobile banking called “Regulations for Technical Implementation of Mobile Banking (Amendment), 2019. According to the statement released by PTA these are to come into force from the date of gazette notification.
Under the new set of regulation, all the telecom operators of Pakistan, Authorized Financial Institutions (AFIs) and Third Party Service Provider (TPSP) are allowed to collaborate with each other by entering into interconnecting agreements. This collaboration will help telecom services and systems to facilitate each other more effectively in the delivery of technical services for mobile banking.
The new regulations will interlink platforms such as EasyPaisa, JazzCash, Zong PayMax, Keenu Wallet, uPaisa, UBL Omni, SimSim etc that are currently offering mobile banking.
The following amendments have been shared by PTA: Amendment in regulation 5 of S.R.O 391(1)12016, state “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”
Whereas, the amendment in regulation 8 of S.R.O 397(l)12016 reads, “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”.