International e-payment gateway: 4-member body to seek input from stakeholders

ISLAMABAD: Finance Minister Shaukat Tarin has constituted a four-member committee to seek input from stakeholders and present a framework within a month with respect to international e-payment gateway (IPG).

The decision to this effect was taken during a meeting on the establishment of IPG to channelise the payment of e-companies. 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.

The four-member committee would be headed by Secretary Commerce with representatives of the Ministry of Commerce, the Finance Division, and the 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 four weeks.

The committee would hold consultation with the president, PBA and leading market players - Amazon, Darazetc - to understand their requirements and present a framework for further deliberation after four weeks.

Earlier, a consultative session presided over by the finance minister 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.

The governor State Bank of Pakistan (SBP) outlined steps being taken for the financial inclusion of domestic banks.

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

The finance minister 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.

In his concluding remarks, the finance minister stated that the government will be the facilitator and regulator in a journey towards implementing the IPG.

The establishment of international e-payment gateway will improve consumer confidence in E-Commerce through global connectivity.

Federal Minister for IT and Telecommunication Syed Aminul 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. Governor State Bank Dr Reza Baqir joined the meeting through a video link.

Copyright Business Recorder, 2021