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Eid ul Fitr 2020 – Begining of digital wallet era in Pakistan. Easypaisa has been rooted in the Pakistani economy for decades especially, in the rural areas where there are rarely any banking services. Easypaisa has achieved a myriad of financial inclusion in Pakistan. With Easypaisa one can perform day to day financial transactions like transfer cash, save money, buy products/services online, withdraw cash through ATM, pay utility bills, and receive international remittance at ease.…

SBP reduces fees to improve Pakistan’s digital payment infrastructure. SBP reduces fees to improve Pakistan’s digital payment infrastructure. In order to improve the digital payment infrastructure in Pakistan, the State Bank of Pakistan has decided to facilitate the Point of Sale (POS) acquiring industry. The State bank pointed out that there has been considerable growth in the digital payment infrastructure of the country, especially in the number of debit cards being issued by the banks…

Merchants’ digital on-boarding – SBP revises regulations. The State Bank of Pakistan (SBP) has revised the regulations for Digital On-Boarding of Merchants. According to the SBP, in order to enable cash deposit transactions in merchant accounts, sections 4(c) and 9 (b) of ‘Regulations for Digital On-boarding of Merchants’ have been revised. Also Read: PTA green-lighted non-commercial 5G tests in Pakistan As per amended Section 4(c) of the regulations, Banks/MFBs will ensure that Merchant Accounts are only…

Digital Financial Inclusion – Expanding Horizons in Merchant-Distribution Transactions Digital Financial Inclusion – Expanding Horizons in Merchant-Distribution Transactions. Pakistan has over 800,000 small retailers across the country, with ‘kiryana’ stores, general stores, and kiosks all falling into this cohort. Most of these businesses shy away from traditional banking channels due to a variety of challenges, including lack of awareness, extensive documentation requirements for account opening and general unwillingness, amongst others. This results in operational inconvenience…

The Evolving Digital Banking Landscape of Pakistan The Evolving Digital Banking Landscape of Pakistan. Her Majesty Queen Maxima of the Netherlands just rounded up her trip to Pakistan. She was here as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development in Pakistan. In recent years, the country has achieved numerous milestones in bringing a larger chunk of the unbanked population under the financial inclusion umbrella and digital banking has had a significant…

Ecommerce provides big opportunities for businesses Ecommerce provides big opportunities for businesses. According to Statista, the U.S. ecommerce market will bring in more than $547 billion in 2019, with projections for more than $740 billion by 2023. Now is the time to jump on this business opportunity, as more and more consumers get products online. There is plenty of potential in this market, and many different options for businesses to reach that potential. Courtesy of…

Careem PAY partners with 1LINK to Digitize Payments Careem PAY partners with 1LINK to Digitize Payments. Careem and 1LINK (Pvt.) Limited have entered into a partnership to digitize payments within Careem platform. The signing ceremony was held at 1LINK Office, Karachi and was attended by Mr. Junaid Iqbal, Managing Director – Careem PAY and Mr. Najeeb Agrawalla, CEO – 1LINK, along with senior officials from both organizations. This partnership aims at transforming the payments ecosystem…

Daraz witnesses exceptional growth in e-commerce platform Daraz witnesses exceptional growth in e-commerce platform. In 2019, Pakistan’s e-commerce industry remained resilient; Daraz, a leading e-commerce platform in the country, witnessed exceptional growth as the number of users visiting the platform increased by 100 percent. According to Daraz here on Wednesday, the number of customers shopping on its platform increased by 140 percent and the number of orders placed in the year rose by 200 percent…

Tax on foreign fund transfers climbs manifold to Rs330mln KARACHI: Tax on foreign fund transfers climbs manifold to Rs330mln. Withholding tax collection from foreign fund transfers saw an unprecedented growth to Rs 330 million in the first four months of the current fiscal year compared with a minuscule Rs 10 million in the corresponding period a year earlier, official data showed on Wednesday. Tax authorities collect withholding tax on money sent abroad through credit or…

Ecommerce in the United States is growing faster than in China, which remains ahead in terms of overall sales volume, based on client data from payment services firm Payoneer, and the UK is growing faster than both. With the exception of Japan, at 3%, companies in the top 10 for ecommerce sales all saw strong double-digit growth in the third quarter. According to Payoneer, based on data from a sampling of more than 100,000 merchants…