State Bank of Pakistan, in a circular on June 3rd, has invited ‘A’ category exchange companies to collect bill payments and install banks’ ATM machines at their premises. Exchange companies can enter into agreement with entities like K-Electric, WAPDA, PTCL, SSGCL etc and collect bills on their behalf.
State Bank has also permitted the exchange houses to install ATMs (agreement with any authorized bank) at the premises for which no prior approval from SBP is needed. For bill collection, however, the copy of the final agreement with the companies would need to be submitted to the Director of Exchange Policy Department of State Bank in Karachi.
Both the bill collection and currency dispersion via ATMs would be in PKR. The main purpose for this step is to not only enhance the business scope of Exchange Companies but also provide more venues to the people to pay their bills with ease. Bill payment is already done through various avenues, for example banks, mobile banking, internet banking, ATMs, Kiosks etc and Exchange Houses will be the new channel for bill payment.