Banks in Pakistan may begin to send their credit card statements electronically, according to a decree the State Bank of Pakistan issued on March 25.
The new regulation is effective immediately, according to a circular the central bank is distributing.
According to the circular, the new regulation allows banks to send electronic card statements only with cardholder consent. If cardholders do not grant their consent, issuers may send them both electronic and hard copies unless no transaction activity occurred since the previous statement.
Banks also are required to send free text-message alerts to credit cardholders’ mobile phones informing them that they sent statements via e-mail, the circular notes.
The central bank did not immediately respond to PaymentsSource requests for comment.
