Friday, May 24, 2024

E-Commerce Market of Pakistan Witness High Growth

E-Commerce market of Pakistan has increased in size to around RS 96 billion in the Q1 of 2021 as compared to the Q1 of 2020 that was RS 71 billion. State Bank of Pakistan has witnessed and stated about this growth of about 35 percent.

According to the details, E-Commerce merchants have been increased with prepayment to 2,164 from the previous of 1,410 in last 12 months. During the 4th meeting of the National e-Commerce Council this information was unveiled.

However, the discussions about operationalization of the cross border procedures of E-Commerce, incentives for promoting the e-commerce and discussion regarding the International Payment Services like PayPal was highlighted.

The National Institutional Facilitation Technologies stated that this is in the developing process of payment solution for the international payments that is surely in collaboration with State Bank of Pakistan through which the people residing outside the country like Pakistan will easily be able to just pay through the Google Pay, Paypal, or Apple Pay, however, the payments within Pakistan will also be processed but by an integration with any of the provider of international payment.

Moreover, the involvement of the third party regarding the international payments remained difficult due to the pandemic. It was also stated that the development is smoothly ongoing and it will be updated as soon as they will be ready to forward it to State Bank of Pakistan (SBP). The pilot run of this is expected in the Q2 of 2021.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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