Pakistan-China emphasized to develop a digital payment system

September 28, 2021

504

The Pakistani government pays special attention to the development of e-commerce, while China is the world’s leading online retailer. Last year, chinese e-commerce transactions reached $ 2 trillion, more than e-commerce transactions made in the United States and Europe combined, ”said Moin Ul Haq, Pakistani Ambassador to China.

“We want to improve our e-commerce infrastructure to take advantage of these huge markets, modernize our telecommunications industry and modernize our electronic payment system,” he said in an interview with Digital Belt and Road on the 4th Belt and Road Trade Cooperation Forum held in Beijing, China.

“As a payments infrastructure Developer, our payment services span the belts and road countries with 50 supported currencies. As Pakistan’s online commerce is rising, many traders from China engages with Paksitani market, says Wu Kai, CEO of Airwallex Greater China. “We can make payments more efficiently and cheaper, and we can help clients manage their financial risks.”

The Chinese Economic Network reports that COVID-19 is accelerating the development of the digital economy of belts and roads, and international trade is growing, providing strong demand for digital payment services.

Wu Kai also stressed the importance of the banking system in the development of the digital economy. Currently, some Belt and Road countries do not have adequate financial infrastructure. The starting point of our service is that both the payer and the recipient have bank accounts.

“We can build a solid foundation on which other members can develop their own payment applications or software,” Wu Kai said, adding that the company looks forward to working with Pakistan and other Belt and Road countries, leveraging additional resources and benefits for each other. friend. …

“We can also share our experiences to help other participants move forward. We hope to be able to work with all Belt and Road countries to make our entire payment system more efficient. ”