State Bank of Pakistan (SBP) has announced some changes for banking transactions. All banks and microfinance banks (MFBs) need to replace the one-time password (OTP) with a transaction PIN (TPIN) or financial PIN (FPIN) for financial transactions done through banking apps or internet banking.
The central bank issued a circular today, instructing banks to send free transaction alerts via push notifications, in-app notifications, and emails instead of SMS. SBP emphasized that banks must keep push notifications enabled and log all transaction notifications for resolving disputes or claims.
Banks/MFBs will have to follow the provided notification templates and replace old instructions from a previous circular issued in May 2018. SBP also mentioned that if any fraud or unauthorized transactions occur through customers’ mobile apps, banks will be responsible for compensating the affected customers according to a liability framework introduced in 2023.
These new rules will start from January 1, 2025. The changes aim to enhance security and customer experience in digital banking.
By directing banks to use TPIN/FPIN and providing free transaction alerts via multiple channels, SBP aims to make digital banking safer and more efficient for everyone. This change reflects SBP’s commitment to protecting customers from fraud and ensuring smooth financial transactions.
The new guidelines require banks to send notifications through push notifications and emails, making it easier for customers to stay updated on their transactions. From January 2025, customers will no longer receive OTPs via SMS but will use TPIN/FPIN instead, making the banking process more secure and user-friendly.
 has announced some changes for banking transactions. All banks and microfinance banks (MFBs) need to replace the one-time password (OTP) with a transaction PIN (TPIN) or financial PIN (FPIN) for financial transactions done through banking apps or internet banking.){kind=link}