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Experts from Pak-China will collaborate to develop advanced digital payment system

BEIJING: The Pakistani government is concentrating on the growth of e-commerce with the help of China, which is the world’s e-commerce leader. According to Pakistan’s Ambassador to China, Moin ul Haque, the country’s e-commerce transactions totaled $2 trillion last year, which is more than the sum of e-commerce trades in the United States and Europe.

“We would want to boost our e-commerce infrastructure to profit from this vast market, as well as enhance our communications sector and modernise our e-payment system,” he said at the 4th Belt and Road Service Trade Cooperation Forum in Beijing, during a conversation themed Digital Belt and Road.

Also read: Chinese nationals working in Pakistan to reach 5m in next four years

“As a payment infrastructure provider, we offer payment services in 50 currencies to all Belt and Road nations. Many of our clients, particularly e-commerce customers, have regular economic exchanges with Pakistan as Pakistan’s e-commerce develops quickly,” said Wu Kai, Airwallex Greater China CEO, who also attended the conversation and discussed the growth of digital payments with the ambassador.

“We can process payments more quickly and at a lesser cost, and we can assist clients in managing their financial risks.”

According to China Economic Net, the Covid-19 is driving the digital economy growth of Belt and Road nations, and there are more and more international trades, which create a large need for digital payment services.

Also read: Maritime Ministry Initiates a Huge Economic Transformation Project For Karachi Under CPEC

Wu Kai also emphasised the relevance of the banking sector in the digital economy’s development. Some Belt and Road countries lack appropriate banking infrastructure at the moment. The assumption is that both the payers and the recipients have bank accounts.

“We can also share our experience to help other participants take less detours. We hope to work with all the Belt and Road countries to make our entire payment system more efficient,” he added.

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