OTP to be Replaced by TPIN/FPIN in 2025 for SBP Transactions. All banks as well as microfinance banks need to replace the one-time password for OTP with a transaction PIN or financial PIN regarding financial transactions done through banking applications or internet banking.
State Bank of Pakistan (SBP) has announced some changes relating to banking transactions.
TPIN/FPIN in 2025 for SBP Transactions
The central bank today issued a circular to banks in Pakistan. It orders banks to send free transaction alerts through push notifications, in-app, and emails instead of SMS and underlined that banks should ensure that push notifications are enabled and log all transaction notifications for disputes or claims.
State Bank of Pakistan in Action for Secure Transactions
Banks/MFBs will be required to adopt the enclosed notification templates and replace the existing guidance contained in the previous circular issued in May 2018.
SBP also added that in case of fraud or unauthorized transactions through customers’ mobile apps, the liability of compensation to the affected customers will be that of banks under a liability framework introduced in 2023.
New Regulations from Jan 2025: OTP to be Replaced by TPIN/FPIN in 2025 for SBP Transactions
These new regulations will be effective from 1 January 2025. The new rules are to further enhance security and the experience of customers in digital banking.
The changes made by SBP are aimed at making digital banking safer and more efficient for everyone. This is SBP’s commitment to customers, ensuring that fraud cannot occur and financial transactions are smooth.
The new rules require banks to send notifications through push notifications and emails, which will make it easier for customers to be updated on their transactions.
Starting January 2025, customers will no longer receive OTPs via SMS but will instead use TPIN/FPIN, which will make the banking process more secure and user-friendly.
OTP to be Replaced by TPIN/FPIN in 2025 for SBP Transactions
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