Business

In Pakistan, a visa for a tenfold growth in the use of digital payment methods

Published

3 months ago

Farwa

Visa intends to increase the number of businesses in Pakistan that accept digital payments by a factor of ten over the course of the next three business years.

Visa’s general manager for Pakistan, North Africa, and the Levant, Leila Serhan, has stated that the following holds true. Visa’s new strategic relationship with 1Link, Pakistan’s leading payment service provider, is designed to improve remittance processes and promote digital transactions in the nation. This announcement corresponds with Visa’s new agreement with 1Link.

It is estimated that Pakistan has one of the greatest populations of people who do not have bank accounts in the world, with 240 million people. There are around 83 million persons in the country who are currently in possession of a bank account, which is just sixty percent of the total population of 137 million adults in the country.

With the goal of making digital transactions more accessible and inexpensive, Visa is investing in the development of digital payment infrastructure.

The number of point-of-sale (POS) machines in Pakistan is currently 120,541. With the goal of achieving a tenfold rise in the number of businesses that accept digital payment methods, Visa intends to significantly boost this number. The point-of-sale (POS) machines in certain firms are several. In a statement, Serhan stated, “We are aiming to tenfold the acceptance of digital transactions among businesses.”

Using technology that enables mobile phones to be used for payments and supporting a variety of payment methods, such as QR codes and card taps, are both components of the company’s expansion plan.

The goal of Visa is to access not only major metropolitan areas and well-known enterprises, but also smaller businesses located all throughout the country. “We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan in an interview.

With the help of 1Link, the remittance processes are going to be improved, the payment security will be improved, and transactions will be encouraged to take place through official channels. Remittances are an important source of revenue for Pakistan, which is a major beneficiary of these money. Pakistan’s foreign exchange reserves and GDP are both dependent on these funds.

The impact of the technical connection with 1Link was something that Serhan expressed hope about, and he anticipated that it would be of substantial benefit to Pakistani consumers. Not only that, but the agreement will make it possible for 1Link’s PayPak cards to be used on Visa’s Cybersource platform for online transactions. This is despite the fact that PayPak is a competitor in the digital payments industry.

In accordance with the recent bailout agreement that Pakistan reached with the International Monetary Fund, which was worth $7 billion, this decision is in line with the changes that are intended to increase revenue and formalize the economy. “Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Mr. Serhan stated.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

18 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.