Mr. Shaukat Tarin, the Federal Minister for Finance and Revenue chaired a recent meeting on the establishment of Pakistan’s International E-payment Gateway (IPG) that visualizes paving the way for monetary inclusion and payment digitization, a sub-component of the nine pillars of the government’s e-commerce strategy.
International E-Payment Gateway Solutions to Boost E-Commerce
The said meeting was hosted with all relevant stakeholders to recognize gaps between payment solutions obtainable domestically and their integration with international e-payment gateway solution providers to boost e-commerce. The Advisor on Commerce advised the participants of the meeting about the present digital monetary aspect of Pakistan.
The Government Pledged Full Support in the Said Advancement
The Governor SBP outlined measures being considered for the financial embodiment of domestic banks. The Federal Minister for IT and Telecom pledged full facilitation in the preparation of enabling environment to the service providers as required under IPG. Furthermore, the federal finance minister also stressed following the international best methods and devising a way forward to implement an international e-payment gateway, guaranteeing transparency.
In the Regard, Finance Minister Shaukat Tarin composed a four-member committee, directed by the Secretary of Commerce and involving representatives of the Ministry of Commerce, Finance Division, and the Federal Board of Revenue, to formulate a framework. He directed for asking input from the President Pakistan Banking Association (PBA) and the preeminent market players from the private sector to surmise their requirements and present a structure for further consideration after four weeks.
IPG will Increase Consumer Assurance in E-Commerce
In his closing statements, the Finance Minister declared that government will be the regulator and facilitator in a drive toward implementing IPG. The establishment of an international e-payment gateway will increase consumer assurance in e-commerce through worldwide connectivity, he concluded.
In addition to this, the Federal Minister for IT and Telecommunication Syed Amin-ul-Haque, Advisor to Prime Minister on Commerce Abdul Razak Dawood, CEO National Information Technology Board Syed Hussain Abbas Kazmi, Secretary Commerce, senior policy analysts, and other senior officers engaged in the meeting. Governor State Bank Dr. Reza Baqir also joined the meeting through a video link.
Source: Pro Pakistani