P2P Transactions in Pakistan: Issues and Solutions
1. The Biggest Issue: Bank Accounts Getting Frozen
One of the biggest challenges in P2P transactions in Pakistan is bank accounts getting frozen. This usually happens due to misunderstandings between buyers and merchants regarding verification requirements.
2. Verification Issues
Many users get frustrated when merchants ask for additional verification, such as:
Copy of CNIC (National ID card)
Selfies
Video verification
Other necessary documents
Users often question, "Why verify again when I have already completed KYC on the platform?" This misunderstanding can lead to disputes and delays in transactions.
3. Fraudulent Transactions and Account Freezing
If a scammer is involved in a fraudulent transaction and their account gets flagged, all linked accounts may also come under investigation. Due to this, even innocent users' accounts can get blocked. To prevent this, merchants take extra precautions to ensure security for both themselves and buyers.
4. The Issue of Impatience
Many buyers expect instant responses, and if a merchant does not reply within 10-15 minutes, they immediately file a complaint or dispute. It is important to understand that merchants are often handling multiple transactions at the same time.
Solution: How to Ensure Safe Transactions?
✔ Be patient and cooperative during transactions.
✔ Carefully read the merchant’s terms and conditions before proceeding.
✔ If a merchant requests additional verification, cooperate, as it is essential for security and transparency.
✔ Allow merchants some time to respond instead of immediately raising a dispute.
By following these steps, P2P transactions can become safer and smoother, and the risk of bank accounts getting frozen can be minimized.
#Bitcoin #Stablecoin #Ethereum
