Business
February 12, 2021
ISLAMABAD: The government is all set to launch a new system to process payments within and from Pakistan through integration with any international payment provider, officials said on Thursday.
The officials of the National Institutional Facilitation Technologies (NIFT) said the payment system will be facilitated by the involvement of third party. The payment facility was to become functional by the end of 2020. However, the multi-party engagement with the effect of COVID has affected the plan.
“However, we are working on it and will update as soon as they are ready to take it to SBP. Assistance from SBP will come in once they put in the complete details for their review. The pilot run is now expected in second quarter of 2021,” the NIFT official told the 4th meeting of National e-Commerce Council (NeCC).
Pakistan’s e-commerce market size posted a growth of over 35 per cent in the first quarter of the fiscal year 2021 to Rs96 billion. CBC/File
ISLAMABAD: Pakistan’s e-commerce market size posted a growth of over 35 per cent in the first quarter of the fiscal year 2021 to Rs96 billion compared to Rs71bn over the corresponding period of last year, the Ministry of Commerce said on Thursday.
The data was shared in the fourth meeting of National e-Commerce Council (NeCC) chaired by Commerce Adviser Razak Dawood and attended by representatives of the public and private sectors. The meeting was informed that e-Commerce merchants with prepayment have been increased to 2,164 from 1,410 in the past 12 months.
The Adviser to Prime Minister on Commerce chaired the 4th meeting of the National e-Commerce Council (NeCC) at the Ministry of Commerce (MOC) on Thursday.