State Bank of Pakistan (SBP) is going to establish e-payment gateway in Pakistan. This information was revealed by the Miniter of Finance, Ishaq Dar, while presenting budget proposals for the fiscal year 2017-18 in the National Assembly.
Federal Government has allocated Rs. 200 Million in funds for establishment of e-gateway in the country, the budget document revealed. According to details, SBP has been tasked to establish e-gateway in Pakistan. Budget document said that e-gateway will streamline the mobile payments in the country. The document further said that allocated funds will also be used to educate and train relevant departments and personals.
It is worth mentioning here that SBP is already working towards drafting the country’s first e-commerce policy in a bid boost local trade and to attract foreign investment. It is anticipated that e-gateway will also enable Pakistani users to be able to send and receive online payments across internet.
This step would become a push forward Pakistan’s e-commerce industry. Previously, due to unavailability of reliable payment gateways like Paypal or AliPay, this sector has suffered a lot. The biggest threat for e-commerce players 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 EasyPay and 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.