The world is progressing at a great speed, and it is important to keep pace with it. A bank account has become a necessity these days. When a bank account is opened, a debit card is issued at customers’ discretion. But customers can only choose whether they want the card or not. They are generally not allowed to pick the type of card they want to have.
Most of the customers do not know the advantages and disadvantages of the card. Their knowledge is limited to the fact that the card is used to draw money from an ATM at any time of the day.
The fact is that there are many payment card schemes operating in Pakistan. When banks issue the card to a customer, they do not ask the customers about their preferred card scheme. Neither do they educate them about the pros and cons of having one or the other. They just issue the card they are in contract with at the time.
Many of these debit cards are blocked for e-commerce transactions, and when a request is made to the banks, they tell the customers that the facility is not available. Due to increasing banking fraud, some banks do not allow e-commerce transactions on specific cards which is not communicated to the customer while issuing the card.
The customer has to pay a huge price for these big payment schemes. Banks are making lucrative profits from these miscellaneous incomes which, if seen, is a great injustice to the customers. The State Bank of Pakistan (SBP) should play its role as the regulator in this regard.
TAHA SOOMRO
KARACHI
