The State Bank of Pakistan (SBP) has issued a clarification regarding the two-hour cooling period in digital fund transfers. It explained that while funds are instantly credited to recipients’ accounts in real time, the restriction applies only to the use or withdrawal of those funds.
The central bank emphasized that money transferred to branchless banking wallets or accounts is immediately available, but transactions such as online purchases, mobile top-ups, or cash withdrawals can only be done after two hours.
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Furthermore, SBP highlighted that this condition was introduced in April 2023 to enhance security and protect customers from fraudulent activities. Since branchless accounts involve simpler due diligence, they are more vulnerable to risks of suspicious or fake transactions.
According to SBP, the two-hour buffer allows customers to identify and report any unauthorized or fraudulent transactions before the money is withdrawn or spent, significantly reducing the chances of financial loss.
Moreover, the bank stated that these instructions have been in place for the past two and a half years and have proven to be effective in safeguarding consumers. It assured that digital transfers remain instant, secure, and efficient, with the cooling period serving purely as a protective measure.
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The clarification aims to remove confusion among users, ensuring public trust in Pakistan’s digital banking system while promoting safer and more reliable electronic transactions across the country.