Govt unveils new credit card payment policies

Senate Standing Committee on Finance chaired by Salim Mandviwala emphasized the enforcement of credit card payment regulations. FBR chairman assured strict measures to ensure retailers accept payments through credit cards, stating it will now be mandatory for businesses to facilitate such transactions. “Retailers must accept payment via credit card, or face closure,” declared FBR chairman, highlighting the consequences for non-compliance. Senator Sherry Rehman voiced concerns over retailers citing technical issues as excuses for not accepting credit cards, urging swift action to resolve such impediments. “We can’t tolerate delays in implementing these measures,” Senator Rehman stressed. The committee underscored that only three complaints per day or five per week from consumers would initiate regulatory action against non-compliant businesses. Additionally, businesses failing to issue at least three receipts per day or five receipts per week via Point of Sale (POS) systems will face penalties up to Rs500,000. FBR chairman said implementing a new monitoring dashboard to track the operational status of POS machines across shops, enhancing oversight and accountability.