Monday, October 2, 2023

Jazz Cash Imposes Fee on Cash Deposits

JazzCash, the largest mobile wallet in Pakistan, has announced changes in the pricing for cash deposits into M-wallets.

According to a notice on the JazzCash website, there will now be a fee of 0.50 percent + FED (Federal Excise Duty) for cash deposits ranging from Rs. 50 to Rs. 20,000. For cash deposits exceeding Rs. 20,000, a fee of Rs. 100 + FED will apply.

A spokesperson from JazzCash explained that the State Bank of Pakistan (SBP) issued a circular on May 12, 2023, which introduced a charge of 0.5% of the transaction amount or PKR 100, whichever is lower, for cash deposits into M-wallets. JazzCash ensured prior communication to customers through its website, and retailers were also informed via SMS.

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