To make digital payments safer, the State Bank of Pakistan (SBP) has introduced a new “cooling time” policy for mobile banking services like JazzCash and Easypaisa. This new rule is designed to protect users from fraud and mistakes when sending money.
The key feature of this policy is a mandatory two-hour waiting period. When you send money to someone, the recipient will not be able to access or use the funds for two hours after the transfer is made.
This waiting period acts as a safety net. If you accidentally send money to the wrong number or become a victim of a scam, you now have a two-hour window to contact your mobile banking service provider. You can report the error and request that the transaction be blocked before the funds are permanently released.
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The main goal of this measure is to increase financial security and build user confidence in digital payment systems. By giving users time to correct errors, the SBP aims to reduce financial losses and encourage more people to use convenient digital wallets without fear.
Frequently Asked Questions (FAQs)
1. What is the “cooling time” policy?
It is a new rule that makes transferred funds inaccessible to the recipient for two hours after a mobile money transaction is completed.
2. Why was this policy introduced?
It was introduced to prevent fraud and give users time to report and block transactions that were made by mistake or due to scams.
3. What should I do if I send money to the wrong person?
You should immediately contact the customer service of your mobile wallet provider (e.g., JazzCash or Easypaisa) within the two-hour window and ask them to block the transaction.
4. Can the recipient use the money before two hours?
No. The recipient will not be able to withdraw, transfer, or use the funds for any purchases until the two-hour “cooling time” has passed.
5. Does this apply to all types of transactions?
The policy specifically applies to transactions made through mobile banking services and platforms like JazzCash and Easypaisa. It may not apply to instant bank transfers or other payment methods.
