International payment gateway setup discussed State Bank of Pakistan

International payment gateway setup discussed

ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday presided over a meeting on the establishment of Pakistan International e-payment gateway (IPG).

The IPG will pave the way for financial inclusion and payment digitization which is a sub-component of the 09-pillars of the E-Commerce policy.

Federal Minister for IT & Telecommunication Syed Amin-ul-Haque, Adviser on Commerce Abdul Razak Dawood, CEO NITB Syed Hussain Abbas Kazmi, Secretary Commerce, senior policy analyst and other senior officers participated in the meeting.

Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) joined the meeting through a video link.

A consultative session was held with all relevant stakeholders to identify gaps between payment solutions available domestically and its integration with international payment gateway solution providers to promote e-commerce.

The Adviser on Commerce briefed the participants about the current digital financial landscape in the country.

SBP governor outlined steps being taken for the financial inclusion of domestic banks.

Federal Minister for IT and Telecom assured full facilitation in the provision of enabling environment to the service providers as needed under IPG.

In his remarks, the Finance Minister directed the authorities to follow best international practices and devise a way forward for implementing an international payment gateway ensuring transparency and due consultation with key stakeholders both in public and private sectors.

The Finance Minister constituted a 04-member Committee headed by the Secretary of Commerce and comprising representatives of the Ministry of Commerce, Finance Division and Federal Board of Revenue (FBR).

The Finance Minister further directed to seek input from the President, Pakistan Banking Association (PBA) and leading market players from the private sector to understand their requirements and present a framework for further deliberation after 04 weeks.

In his concluding remarks, the Finance Minister stated that Government will be the facilitator and regulator in a journey towards implementing IPG. The establishment of an international e-payment gateway will improve consumer confidence in E-Commerce through global connectivity

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