Tarin asks stakeholders to identify e-payment system gaps

Published September 22, 2021
Finance Minister Shaukat Tarin holds a meeting with  stakeholders on the establishment of Pakistan International E-payment Gateway. — Photo courtesy PID website
Finance Minister Shaukat Tarin holds a meeting with stakeholders on the establishment of Pakistan International E-payment Gateway. — Photo courtesy PID website

ISLAMABAD: Finance Minister Shaukat Tarin has asked all the stakeholders to identify gaps in current e-payment systems on the basis of international best practices to help formulate a roadmap for developing a robust system for quick local and cross-border transactions.

The direction came from the minister during a meeting with stakeholders on the establishment of Pakistan International E-payment Gateway (IPG). The IPG will pave the way for financial inclusion and payment digitisation which is a sub-component of the 9-pillars of Pakistan’s E-commerce Policy.

The IPG is believed to provide an efficient e-payment infrastructure that allows for smooth and quick local and cross-border transactions by issuing rules, regulations and guidelines.

Mr Tarin directed to follow best international practices and devise a way forward for implementing international payment gateway ensuring transparency and due consultation with key stakeholders both in public and private sectors.

Mr Tarin constituted a four-member committee headed by the secretary commerce and comprising representatives of Ministry of Commerce, Finance Division and FBR. The 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 four weeks.

IT Minister Amin-ul-Haque, Commerce Adviser Abdul Razak Dawood, NITB chief executive Hussain Abbas Kazmi, Secretary Commerce Sualeh Faroqi, senior policy analyst and other senior officers participated in the meeting. State Bank of Pakistan Governor Dr Reza Baqir joined the meeting through a video link.

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

In Pakistan four banks — MCB, UBL, HBL and Bank Alfalah — are providing IPG services. Apart from these, two microfinance banks also work as merchant aggregators and are providing e-commerce gateway to their clients while leveraging on four IPGs in Pakistan.

Meanwhile, Mr Dawood briefed the participants about the current digital financial landscape in the country. And the SBP chief outlined steps being taken for the financial inclusion of domestic banks.

The IT minister assured full facilitation in provision of enabling environment to the service providers as needed under IPG. All the stakeholders will have to develop a paper for implementation.

Mr Tarin stated that government will be the facilitator and regulator in a journey towards implementing IPG. The establishment of international e-payment gateway will improve consumer confidence in e-commerce through global connectivity.

Published in Dawn, September 22nd, 2021


Lull before the storm
Updated 24 Oct 2021

Lull before the storm

It does not take rocket science to figure out why each of the two sides is taking the stand it is.
The larger debate
Updated 23 Oct 2021

The larger debate

The revelations show how the economy promotes inequality.


24 Oct 2021

Anti-government rallies

THE chaos is closing in on the government and its perpetual mismanagement inspires little confidence. On Friday, all...
24 Oct 2021

End of polio?

AFTER a long struggle, the reward is finally in sight. With only a single case of wild poliovirus reported this year...
24 Oct 2021

Heritage work

IT is encouraging that, slowly, projects of heritage conservation and preservation appear to be taking off. These...
A final push
Updated 23 Oct 2021

A final push

PAKISTAN’S hopes of exiting the so-called FATF grey list have been shattered once again. The global money...
23 Oct 2021

Kabul visit

FOREIGN MINISTER Shah Mahmood Qureshi’s flying visit to Kabul on Thursday is the first official high-level...
23 Oct 2021

Baqir’s blooper

THE remarks made by State Bank governor Reza Baqir at a London press conference have hit a raw nerve in Pakistan. In...