State Bank of Pakistan (SBP) is going to establish e-payment gateway in the country. This information as revealed by the Miniter of Finance, Ishaq Dar, while he presented the Budget 2017-18.
The government has reserved Rs. 2 billion for the development of e-payment system, which will undoubtedly push forward Pakistan’s e-commerce industry. Previously, due to unavailability of reliable payment gateways like Paypal, this sector has suffered a lot.
SBP is also working towards drafting the country’s first e-commerce policy in a bid boost local trade and to attract foreign investement. The biggest threat that this industry faces is the fear of fraud but an e-payment gateway will surely provide people a peace of mind.
Currently, we have a few payment gateways like Telenor EasyPay, JazzCash that make sure the money is transferred safely and securely but the money cannot be traced by SBP and is thus exempted from taxes.
Going forward, this development will pay a huge role in the evolution of Pakistan’s e-commerce industry. Recently, the Chinese e-commerce giant, Alibaba has entered the local market by signing its first MoU with the Trade Development Authority of Pakistan (TDAP).
The company aims to advance the digital payment system and the Pakistani e-commerce industry and the introduction of a secure and regulated e-payment gateway will pave a way for such reality.