Islamabad: Pakistan and China have decided to work together to develop a more efficient digital payment system for all Belt and Road countries, according to news published on Tuesday (September 28).
It was reported that the Pakistan government is focusing on the development of e-commerce with help from China, as it is leading the world of e-commerce at present. According to sources, the e-commerce transaction of China was worth USD 2 trillion in the last year.
Pakistan Ambassador to China Moin ul Haque, while speaking at the 4th Belt and Road Service Trade Cooperation Forum, stated that Pakistan aims to promote e-commerce infrastructure, modernize the e-payment market, and upgrade the telecommunication sector.
Airwallex Greater China Chief Executive Officer (CEO) Wu Kai, while addressing the forum, mentioned that there is a need to make payments efficient with lower cost and help customers control their financial risks. He went on to say that the global trade and digital economy is accelerating, which requires demand for digital payment services.
Furthermore, the CEO stressed the importance of the banking system as some of the countries lack adequate financial infrastructures. He mentioned that the company can develop a solid foundation, depending on it, other countries can build their payment software or application. He further added that the Belt and Road countries can share each other’s experiences and make the payment system efficient.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
