Now Reading: Joint Project Between NIFT and Checkout.com to Bring PayPal in Pakistan
Pakistan’s National E-Commerce Council (NeCC) has approved a new joint project between NIFT (National Institutional Facilitation Technologies) and Checkout.com to promote online businesses and payment services in the country. Through this project, it is aimed to bring international means of payment such as Paypal to Pakistan.
NeCC is a body, approved back in October 2019by the Federal Cabinet, which comprises of representatives from both the public as well as private sectors. Then, it was constituted keeping in line with the directions given in Pakistan’s National E-Commerce Policy.
Recently, a meeting was held of the NeCC, which was attended by all the notified members of the Council from public and private sectors. The meeting was chaired by Abdul Razak Dawood – the Advisor to the Prime Minister on Commerce and Investment. In said meeting, the aforementioned joint venture was approved to further the country’s advances in the online businesses’ sector.
NIFT and Checkout.com Undertake a Joint Venture
Commerce Adviser Abdul Razak Dawood revealed one of the biggest highlights of the NeCC’s meeting i.e. a joint venture that is going to be undertaken by Pakistan’s largest transactional clearing provider – National Institutional Facilitation Technologies (NIFT) – a UK fintech company, Checkout.com, which accepts various forms of payments multiple forms of payments including 150 different currencies, all international cards and popular local payment methods along with fraud protection.
It also accepts payments from all major international card schemes such as Visa, MasterCard, American Express and Union Pay. Digitals wallets like PayPal, AliPay, Apple Pay and Google Pay are also included in this. Keeping all this mind, the implementation of NIFT-Checkout.com project will not only empower both the organizations to provide international payment services in Pakistan but will also get them commercial opportunities as a partnership. Talking about this project, Commerce Adviser stated;
“The project between NIFT and Checkout.com would offer different international payment methods, including PayPal, for e-commerce businesses in Pakistan. Private sector’s active participation for introducing modern payment solutions is a great sign for Pakistan’s promising e-commerce industry. This venture strives towards a borderless experience for business and consumers alike, promoting digital payments and settlements for exports and e-commerce across Pakistan. It will also be a driver for export of services, particularly the IT sector.”
Promotion of E-Commerce in Pakistan
Another highlight of the NeCC meeting was the signing of a project between Pakistan Software Houses Association ([email protected]) and Chainstore Association of Pakistan (CAP) leading retail association. Implementation of various measures in the field, including taxing e-commerce and logistics facilities, was also paid heed to in the NeCC meeting. The current environment of the digital payment scene along with a need to introduce taxation incentives was also discussed.
Furthermore, the Federal Board of Revenue (FBR) brought up related subjects in the meeting, discussing an update on cross border e-commerce procedures as well as integration of e-commerce exports with web-based one customs global (WeBOC). Moreover, the meeting’s attendees briefed the Security and Exchange Commission of Pakistan (SECP) the facilitative registration mechanism introduced for Pakistan’s E-Commerce sector.