ISLAMABAD: Minister of finance Shaukat Tarin has asked all the stakeholders to spot gaps in current e-payment systems on the idea of international best practices to assist formulate a roadmap for developing a strong system for quick local and cross-border transactions.
The direction came from the minister during a gathering with stakeholders on the establishment of the Pakistan International E-payment Gateway (IPG). The IPG will pave the way for financial inclusion and payment digitization which may be a sub-component of the 9-pillars of Pakistan’s E-commerce Policy.
The IPG is believed to supply an efficient e-payment infrastructure that permits for smooth and quick local and cross-border transactions by issuing rules, regulations and guidelines.
Mr Tarin directed to follow best international practices and devise how forward for implementing international payment gateway ensuring transparency and due consultation with key stakeholders both publicly and personal sectors.
Mr Tarin constituted a four-member committee headed by the secretary commerce and comprising representatives of Ministry of Commerce, Finance Division and FBR. The minister further directed to hunt input from the president Pakistan Banking Association (PBA) and leading market players from the private sector to know their requirements and present a framework for further deliberation after four weeks.
IT Minister Amin-ul-Haque, Commerce Adviser Abdul Razak Dawood, NITB chief executive Hussain Abbas Kazmi, Secretary Commerce Sualeh Faroqi, senior policy analyst and other senior officers participated within the meeting. depository financial institution of Pakistan Governor Dr Reza Baqir joined the meeting through a video link.
The consultative session was held with the stakeholders to spot gaps between payment solutions available domestically and its integration with international payment gateway solution providers to market e-commerce.
In Pakistan four banks — MCB, UBL, HBL, and Bank Alfalah — are providing IPG services. aside from these, two microfinance banks also work as merchant aggregators and are providing e-commerce gateway to their clients while leveraging on four IPGs in Pakistan.
Meanwhile, Mr Dawood briefed the participants about the present digital financial landscape within the country. and therefore the SBP chief outlined steps being taken for the financial inclusion of domestic banks.
The IT minister assured full facilitation in provision of enabling environment to the service providers as required under IPG. All the stakeholders will need to develop a paper for implementation.
Mr Tarin stated that government are going to be the facilitator and regulator during a journey towards implementing IPG. The establishment of international e-payment gateway will improve consumer confidence in e-commerce through global connectivity.
