Pakistan plans to modernise e-payment system: Moin

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Beijing

Pakistan will promote its e-commerce infrastructure to benefit from this huge market by modernising its telecommunication sector and e-payment system.

Pakistan Ambassador to China, Moin ul Haque said this during a dialogue themed by Digital Belt and Road on the 4th Belt and Road Service Trade Cooperation Forum held in Beijing, reported China Economic Net.

The ambassador said that the Pakistan government is focusing on the development of e-commerce, adding China is leading the world in the field of e-commerce with $2 trillion transactions made last year, which are more than the added-up figure of e-commerce trades done in the US and Europe.

“As a payment infrastructure builder, our payment services cover all Belt and Road countries with 50 supported currencies.

As Pakistan’s e-commerce is developing fast, many of our customers, especially e-commerce customers, have frequent economic exchanges with Pakistan,” said Wu Kai, Airwallex Greater China CEO, who also joined the dialogue and discussed digital payment development with Moinul Haque.

“We can make payment more efficiently with lower cost, and we can help customers control their financial risks.”

He said that the Covid-19 is accelerating the digital economy development of Belt and Road countries and there are more and more international trades, which provide a big demand for digital payment services.

Wu Kai also stressed the importance of the banking system during the development of the digital economy. Currently, some Belt and Road countries don’t have adequate financial infrastructures. The premise of our service is that payers and receivers both have bank accounts.

“What we can do is to build a solid foundation based on which other participants can develop their own payment applications or software,” Wu Kai said, adding that the company is looking forward to cooperating with Pakistan and more Belt and Road countries, making full use of each other’s complementary resources and advantages.

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

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