Wednesday, September 28, 2022
HomeBusinessThe e-Payment Gateway will enhance e-commerce consumer confidence: Amin-ul-Haque

The e-Payment Gateway will enhance e-commerce consumer confidence: Amin-ul-Haque

Mr Shaukat Tarin chaired Pakistan’s international e-payment gateways meeting The Federal Minister for Finance and Revenue (IPG). The IPG paves the path for financial inclusion and digital payment, which is part of the 9-pillar e-commerce programme.

The meeting was attended by Federal Minister for IT & Telecom Syed Amin-ul-Haque, Commerce Advisor Abdul Razak Dawood, NITB CEO Syed Abbas Kazmi, Trade Secretary, Senior Policy Analyst and other high-level officials. The meeting was accompanied by a video hookup to Gouverneur State Bank, Dr Reza Baqir.

A consultation session with all the key parties was organised to determine the gaps between domestically accessible payment options and their integration with foreign e-commerce solution providers.

Also read: NIFT and JS Bank Partners to encourage Digital Financial Services in Pakistan

The Trade Advisor informed the attendees on the country’s present digital financial landscape. The Governor SBP detailed the efforts made to include domestic banks financially.

The Federal Minister of IT and Telecommunications ensure that the service providers are provided with full facility in accordance with the IPG, if necessary.

In its remarks, the Finance Minister sought best practises and a method to ensure openness and proper engagement with key players both in the public and commercial sectors in order to create an International Payment Gateway.

The Minister of Finance formed a 04-member Committee led by the Minister of Trade, the Finance Division and FBR representation. The finance minister has also asked the President of the Pakistan Banking Association (PBA) and major private sector players to understand their needs and propose a framework for further debate after 04 weeks. The minister has been invited to participate.

The Finance Minister said in his closing observations that the government is going on a road to establishing IPG as a facilitator and regulator. The creation of an international electronic payment gateway would strengthen customer confidence in e-commerce via world connection.

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