Tuesday, February 27, 2024

Pak-China developing a new digital payment method

The Pakistani government is concentrating on the development of e-commerce with the assistance of China, which is now the world leader in this industry.

“China’s e-commerce transactions totaled $2 trillion last year, which is greater than the sum of all e-commerce trades conducted in the United States and Europe combined,” Pakistan’s Ambassador to China Moin ul Haque remarked.

We want to promote our e-commerce infrastructure so that we can benefit from this huge market, as well as upgrade our telecommunication sector and modernize our e-payment system,” he said at the 4th Belt and Road Service Trade Cooperation Forum, which was held in Beijing and featured a dialogue themed Digital Belt and Road.

“As a payment infrastructure provider, our payment services are available in all Belt and Road nations and support 50 different currencies. In addition, due to the rapid development of Pakistan’s e-commerce industry, many of our customers, particularly e-commerce customers, have frequent economic exchanges with Pakistan,” Wu Kai, CEO of Airwallex Greater China, spoke about the growth of digital payment technologies with the ambassador and the ambassador’s delegation.

In addition to helping consumers manage their financial risks, “we can make payment more effectively at a lesser cost.”

According to China Economic Net, the Covid-19 is speeding the development of the digital economy in Belt and Road countries, and there are more and more international trades, which creates a significant need for digital payment services, which is increasing.

As part of his remarks, Wu Kai emphasized the significance of the banking system in terms of the development of the digital economy. Some Belt and Road countries do not yet have suitable financial infrastructures, which is a problem. The underlying assumption is that both payers and recipients have bank accounts.

‘What we can do is lay a solid foundation on which other participants can build their own payment applications or software,’ Wu Kai explained, adding that the company looks forward to working with Pakistan and other Belt and Road countries in order to make the most of their complementary resources and advantages.

“We can also share our knowledge in order to assist other participants in making fewer detours.” “We hope to collaborate with all of the Belt and Road countries in order to improve the efficiency of our entire payment system,” he continued.

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