Ministry of Commerce Finalizes Draft for Financial Framework for Digital Payments

The Ministry of Commerce has prepared a final draft for the Financial Facilitation Framework for payment gateways, which would soon be shared with stakeholders. The Ministry of Commerce had previously sent a draft to the Ministry of Finance earlier, but the latter had called for further consultation on the framework. Subsequently, the Ministry of Commerce has finalized the draft, and its secretary will share it with the Secretary of Finance. The erstwhile government had formed a committee under the Finance Division to devise a policy framework to facilitate local and international digital and online payment gateways in Pakistan. After consulting with the Ministries of Information Technology and Finance, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), this committee had developed a facilitative framework for the digital payments gateway that proposes measures to convenience digital payment gateways while addressing fundamental issues related to the gateways. The Ministry of Commerce noted that local and international digital payment gateways have different issues, and the comprehensive draft is aimed at resolving them. The launch of the policy framework will be a significant step towards a digital Pakistan and will facilitate mainstream cashless payments. After being approved by the Ministry of Finance, the digital facilitative framework for payment gateways will be sent to the Federal Cabinet for ratification.