Tarin asks stakeholders to identify e-payment system gaps

Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the meeting on the establishment of Pakistan International E-payment Gateway (IPG) at the Finance Division, Islamabad on September 21, 2021.

Finance Minister Shaukat Tarin has asked all the stakeholders to identify gaps in current e-payment systems on the basis of international best practices to help formulate a roadmap for developing a robust system for quick local and cross-border transactions.

The direction came from the minister during a meeting with stakeholders on the establishment of Pakistan International E-payment Gateway (IPG). The IPG will pave the way for financial inclusion and payment digitisation which is a sub-component of the 9-pillars of Pakistan’s E-commerce Policy.

The IPG is believed to provide an efficient e-payment infrastructure that allows for smooth and quick local and cross-border transactions by issuing rules, regulations and guidelines.

Mr Tarin 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.