Pakistan Launches Unified Payment System to Streamline Trade Transactions

ISLAMABAD: Pakistan is set to introduce a new Unified Payment System (UPS) aimed at facilitating importers and exporters in settling customs duties, taxes, and other trade-related charges through a pre-funded digital wallet. This initiative, developed by the Pakistan Single Window (PSW), is designed to enhance the efficiency, speed, and transparency of cross-border trade payments.

The digital wallet will be managed by a licensed bank or fintech company, operating under a framework sanctioned by the State Bank of Pakistan (SBP). Traders will have the flexibility to fund their wallets via inter-bank fund transfers (IBFT), Raast, banking applications, online portals, and over-the-counter deposits, making the payment process more accessible and user-friendly.

This new system is expected to significantly benefit the trading community by reducing transaction times and costs, thereby promoting greater participation in international trade. It aligns with the government’s broader strategy to digitize financial transactions and improve the overall business environment in Pakistan.

As the PSW prepares for the rollout, stakeholders are encouraged to provide feedback to ensure the system meets the needs of all users. Further announcements regarding implementation timelines and operational guidelines are anticipated in the coming weeks.