Pak-China experts to build better digital payment system

APP News Agency

28th Sep, 2021. 01:59 pm

Pakistan Pavilion to be set up at China Import Expo in Shanghai. Image: File

BEIJING: The Pakistan government is focusing on the development of e-commerce with the cooperation of China, which is leading the world in the field of e-commerce.

Last year, its e-commerce transaction was $2 trillion, which is more than the added-up figure of e-commerce trades done in the US and Europe,” Pakistan’s Ambassador to China Moin ul Haque said.

“We would like to promote our e-commerce infrastructure to benefit from this huge market, and to upgrade our telecommunication sector and modernise the e-payment system,” he said, during a dialogue themed Digital Belt and Road on the 4th Belt and Road Service Trade Cooperation Forum held in Beijing.

“As a payment infrastructure builder, our payment services cover all Belt and Road countries with 50 supported currencies. As Pakistan’s e-commerce is developing fast, many of our customers, especially e-commerce customers, have frequent economic exchanges with Pakistan,” said Wu Kai, Airwallex Greater China CEO, who also joined the dialogue and discussed the digital payment development with the ambassador.

“We can make payment more efficiently with lower cost, and we can help customers control their financial risks.”

The Covid-19 is accelerating the digital economy development of Belt and Road countries and there are more and more international trades, which provide a big demand for the digital payment services, China Economic Net reported.

Wu Kai also stressed the importance of the banking system during the development of the digital economy. Currently, some Belt and Road countries don’t have adequate financial infrastructures. The premise is that payers and receivers both have bank accounts.

“What we can do is to build a solid foundation based on which other participants can develop their own payment applications or software,” Wu Kai said, adding that the company is looking forward to cooperating with Pakistan and more Belt and Road countries, making full use of each other’s complementary resources and advantages.

“We can also share our experience to help other participants take less detours. We hope to work with all the Belt and Road countries to make our entire payment system more efficient,” he added.

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