The State Bank of Pakistan (SBP) has clarified that the 2 hours cooling period does not affect digital funds transfer, which remains instant.
According to SBP, all digital funds transfer transactions are processed on a real-time basis, and beneficiaries receive the money in their accounts almost instantly.
The central bank explained that the 2 hours cooling period applies only to branchless banking wallets and accounts. While funds are credited instantly in these wallets, cash-outs, online purchases, or mobile top-ups against such funds can only be made after the cooling period.
This requirement was first introduced in April 2023 due to the simplified customer due diligence for branchless banking accounts, which carry a higher risk of fraudulent use. The 2 hours cooling period gives customers adequate time to report any unauthorized or suspicious activity to their banks.
SBP further noted that the cooling period mechanism, introduced two and a half years ago, has been functioning smoothly and has proven to be an effective safeguard against fraudulent transactions.