New Payment System for Traders Announced
As Pakistan Single Window (PSW) aims a new Unified Payment System (UPS) for cross-border trade payments, importers and exporters could shortly pay customs duties, taxes and other trade charges through a pre-funded digital wallet.
As Pakistan Single Window (PSW) aims a new Unified Payment System (UPS) for cross-border trade payments, importers and exporters could shortly pay customs duties, taxes and other trade charges through a pre-funded digital wallet.
Article outline
- What happened
- What comes next
- The key numbers
- The bottom line
Key points
- Trump-Backed Group Intends $4.4 Billion LNG Investment After Qatar's LNG Exit.
- Traders will be able to keep reusable balances and top them up through inter-bank fund transfers (IBFT), Raast, banking apps and portals, or over-the-counter deposits.
- At present, trade payments within PSW go through Pre-Deposit (PD) accounts and bank or payment-gateway-based mechanisms.
- The wallet will settle payments against payment advice generated within the PSW ecosystem.
- Obtain the latest business news, market insights, and economic updates wherever you prefer.
Meanwhile, the wallet will be run by a licensed bank or fintech firm under a structure permitted by the State Bank of Pakistan (SBP), using its existing infrastructure rather than building a new system. 10% Local LPG Now Reserved for Remote Areas. How the Wallet Will Work.
Traders will be able to keep reusable balances and top them up through inter-bank fund transfers (IBFT), Raast, banking apps and portals, or over-the-counter deposits. They can additionally withdraw funds remotely.
For context, the wallet will settle payments against payment advice generated within the PSW ecosystem. This covers the PSW platform, Maritime Single Window and Port Community System, Air Community System, Customs Clearance System and other PSW-linked services.
In practice, the service provider will handle fund custody, balances, top-ups, withdrawals, refunds, reversals and settlement, along with customer due diligence and anti-money laundering checks.
PSW itself will not hold, intermediate or settle customer funds. The wallet will connect to PSW only through the UPS, and PSW will be able to add more payment providers afterwards without major changes to the system.
Trump-Backed Group Intends $4.4 Billion LNG Investment After Qatar's LNG Exit. What This Means for Traders.
At present, trade payments within PSW go through Pre-Deposit (PD) accounts and bank or payment-gateway-based mechanisms. The wallet will be an extra option alongside these, not a replacement, and existing PD accounts will not be migrated.
For businesses, the main gains are convenience and visibility. They can park funds in advance, pay a number of charges from one balance, and track each transaction, its settlement and reconciliation. It should produce trade payments faster and more transparent. Stay Connected with ProPakistani.
Obtain the latest business news, market insights, and economic updates wherever you prefer. Follow on Google Discover. Follow on Google News Join WhatsApp. See more ProPakistani stories in Google Search and Top Stories.
Taken together, the developments around new Payment System for Traders Announced point to a situation that is still moving, and the coming days should bring more clarity.
