Latest news with #PayPak
Business Recorder
a day ago
- Business
- Business Recorder
Govt keen to facilitate Pakistanis living in Gulf: Rana Mashhood
KARACHI: The federal government is keen to facilitate overseas Pakistanis and Pakistani youth in Gulf countries, mainly by providing a technological solution that enables them to send remittances to their families with ease through a domestic payment scheme, PayPak. This was stated by Rana Mashhood Ahmad Khan, Chairman Prime Minister Youth Programme (PMYP) in a meeting held with stakeholders recently here, including Ibrahim Amin, Chairman of PAFLA, and Najeeb Agrawalla, CEO of 1LINK. The federal government is working extensively to serve Pakistanis in the country and overseas by addressing their core issues through all innovative, technological, and affordable means. In this regard, the government is keen to explore strategic collaboration on empowering overseas Pakistani youth through digital remittance services and expanding PayPak's reach under the Prime Minister's Youth Programme, he said. A significant number of overseas Pakistanis comprise youth and they are assets of the country because of their commendable role in contributing to the economy of the country; hence, the PM Digital Youth Hub is exploring various options to honour their services for the nation with dedicated facilities and offerings, Chairman PMYP said. On the occasion, Najeeb Agrawalla said, "We aim to take initiatives to facilitate secure and structured remittance flows from non-resident Pakistani workers, especially those based in Saudi Arabia, UAE and other Gulf countries, while also promoting the use of PayPak for Hajj, Umrah, and other cross-border transactions including 1BILL service for non-resident Pakistanis." As a major payment service provider, 1LINK proposed extending its technological expertise and platform capabilities to support the development and implementation of both initiatives, he said. PAFLA Chairman Ibrahim Amin highlighted that over 4 million Pakistanis reside in Gulf countries and strive to contribute honestly to the national economy through their hard-earned income. Unfortunately, many of them lack access to reliable and user-friendly technological payment solutions. PAFLA, in collaboration with Pakistani diplomatic missions, Pakistan's banks, and different agencies, will do its best efforts to approach freelancers, blue- and white-collar Pakistani workers through outreach and engagement efforts across Gulf countries, he added. Pakistan received over $38.3 billion in remittances from different countries in the financial year 2024-25. Overseas Pakistanis residing in different Gulf countries contribute a major share to the remittance. Copyright Business Recorder, 2025
Arab News
2 days ago
- Business
- Arab News
Islamabad plans digital remittance solutions for Pakistanis in Gulf, elsewhere via PayPak scheme
KARACHI: The Pakistani government is planning to facilitate overseas Pakistanis, particularly those in Gulf countries, by providing a technological solution that would enable them to send remittances through a domestic payment scheme, PayPak, the 1Link payment gateway system said on Monday, citing the Prime Minister Youth Programme (PMYP) chief said on Monday. PMYP Chairman Rana Mashhood Ahmad Khan said this in a recent meeting with stakeholders, including 1Link CEO Najeeb Agrawalla and Pakistan Freelancers Association (PAFLA) Chairman Ibrahim Amin, in the country's commercial capital of Karachi. Pakistan received over $38.3 billion in remittances from different countries in the financial year ending in June, with Pakistanis residing in Gulf countries contributing a major share to this amount. Khan said the government was working extensively to serve Pakistanis in the country and overseas by addressing their core issues through innovative, technological and affordable means. 'The government is keen to explore strategic collaboration on empowering overseas Pakistani youth through digital remittance services and expanding PayPak's reach under the Prime Minister's Youth Programme,' he was quoted as saying by 1Link. Khan said Pakistanis living abroad were playing commendable role in contributing to the economy and the PM Digital Youth Hub was exploring various options to honor their services with dedicated facilities and offerings. Launched in 2016 by 1Link, PayPak is Pakistan's first and the only domestic payment scheme (DPS), making Pakistan the 28th country in the world to have its own domestic payment system. It aims to spur financial inclusion and digitization across the country. 'We aim to take initiatives to facilitate secure and structured remittance flows from non-resident Pakistani workers, especially those based in Saudi Arabia, UAE and other Gulf countries, while also promoting the use of PayPak for Hajj, Umrah, and other cross-border transactions including 1Bill service for non-resident Pakistanis,' 1Link CEO Agrawalla said. As a major payment service provider, he said, 1Link proposed extending its technological expertise and platform capabilities to support the development and implementation of both initiatives. PAFLA Chairman Amin said there were over 4 million Pakistanis residing in Gulf countries who had been contributing to the economy through their hard-earned income, adding that many of them lacked access to reliable, user-friendly technological payment solutions. 'PAFLA, in collaboration with Pakistani diplomatic missions, Pakistan's banks, and different agencies, will do its best efforts to approach freelancers, blue- and white-collar Pakistani workers through outreach and engagement efforts across Gulf countries,' he said.
Arab News
2 days ago
- Business
- Arab News
Islamabad plans digital remittance solutions for Pakistanis in Gulf via PayPak scheme
KARACHI: The Pakistani government is planning to facilitate overseas Pakistanis, particularly those in Gulf countries, by providing a technological solution that would enable them to send remittances through a domestic payment scheme, PayPak, the 1Link payment gateway system said on Monday, citing the Prime Minister Youth Programme (PMYP) chief said on Monday. PMYP Chairman Rana Mashhood Ahmad Khan said this in a recent meeting with stakeholders, including 1Link CEO Najeeb Agrawalla and Pakistan Freelancers Association (PAFLA) Chairman Ibrahim Amin, in the country's commercial capital of Karachi. Pakistan received over $38.3 billion in remittances from different countries in the financial year ending in June, with Pakistanis residing in Gulf countries contributing a major share to this amount. Khan said the government was working extensively to serve Pakistanis in the country and overseas by addressing their core issues through innovative, technological and affordable means. 'The government is keen to explore strategic collaboration on empowering overseas Pakistani youth through digital remittance services and expanding PayPak's reach under the Prime Minister's Youth Programme,' he was quoted as saying by 1Link. Khan said Pakistanis living abroad were playing commendable role in contributing to the economy and the PM Digital Youth Hub was exploring various options to honor their services with dedicated facilities and offerings. Launched in 2016 by 1Link, PayPak is Pakistan's first and the only domestic payment scheme (DPS), making Pakistan the 28th country in the world to have its own domestic payment system. It aims to spur financial inclusion and digitization across the country. 'We aim to take initiatives to facilitate secure and structured remittance flows from non-resident Pakistani workers, especially those based in Saudi Arabia, UAE and other Gulf countries, while also promoting the use of PayPak for Hajj, Umrah, and other cross-border transactions including 1Bill service for non-resident Pakistanis,' 1Link CEO Agrawalla said. As a major payment service provider, he said, 1Link proposed extending its technological expertise and platform capabilities to support the development and implementation of both initiatives. PAFLA Chairman Amin said there were over 4 million Pakistanis residing in Gulf countries who had been contributing to the economy through their hard-earned income, adding that many of them lacked access to reliable, user-friendly technological payment solutions. 'PAFLA, in collaboration with Pakistani diplomatic missions, Pakistan's banks, and different agencies, will do its best efforts to approach freelancers, blue- and white-collar Pakistani workers through outreach and engagement efforts across Gulf countries,' he said.
Business Recorder
6 days ago
- Business
- Business Recorder
Govt decides to review Pakistan Remittances Initiative
ISLAMABAD: The government has decided to review Pakistan Remittances Initiative (PRI) - a crucial scheme for bringing remittances through formal channels, as payout increased by around four times while remittances by around two times during the last 10 years. Additional Secretary Finance Amjad Mehmood, while briefing the Senate Standing Committee on Finance and Revenue said that Finance Ministry took a summary into the Economic Coordination Committee (ECC) of the Cabinet and sought approval for reviewing PRI scheme. Following ECC's approval, the Cabinet has also directed for reviewing the scheme. The committee which met with Saleem Mandviwalla in the chair was briefed by Dr Inayat Hussain, deputy governor State Bank of Pakistan (SBP) on the PRI including the policy changes in the scheme over the years, including rates or other relevant aspect, along with their financial impact. Remittances: govt set to withdraw some incentives Mandviwalla stated that there is a dire need to review the PRI policy as the number of payouts increased manifold compared to the increase in remittances. Mandviwalla said that remittances were around $19 billion 10 years back, which now reached to over $36 billion; i.e., almost doubled. However, the payout under the scheme was around Rs20 billion which is now reached around Rs130 billion. Hussain said that the scheme was crucial for bringing remittances through the formal channels. He said that eligible transaction limit has been increased from $100 to $200. The committee was informed that since 2009, PRI has been working towards enhancement of home remittances through formal channels in Pakistan. As a result of active engagements with financial institutions (FIs), the number of FIs on PRI network has increased from around 25 in 2009 to more than 50 in 2024. The FIs include conventional banks, Islamic banks, microfinance banks, and Exchange Companies (ECs). Further, the Electronic Money Institutions (EMIs) are also allowed to receive home remittances by working through the banks. The number of international entities has increased from around 45 in 2009 to around 400 at present. In fiscal year 2024 alone, around 33 new international entities joined the home remittance business with the Pakistani FIs under the PRI channel. Through concerted efforts, remittance inflows have grown nearly fourfold, rising from $7.8 billion in fiscal year 2009 to $30.3 billion in fiscal year 2024. Over the past decade alone, remittance inflows have achieved an impressive 65 percent growth, reflecting their increasing significance and steady contributions to Pakistan's economy. While discussing the delay in enforcement of local currency settlement, the Chairman Committee reiterated that commercial banks issue VISA and MasterCard, who earned around $300 million from the country, without providing an option of PayPak. He further opined that all local debit cards should be linked to PayPak. The Committee recommended that commercial banks should give an option of PayPak on the form at the time of issuance of debit cards. The committee was informed that as of March 2025 of the 53 million debit and credit cards in Pakistan; about 10 million are PayPak and 2.5 million co-badged, while the rest are owned by Visa and MasterCard. The SBP informed the committee in writing that Visa/ MasterCard/ Union Pay; etc., are international payment schemes that offer card services all over the world. These schemes were established decades ago and offer many services such as online and shop-based payments. A large global network of merchants is connected with the platforms of VISA/ Master for accepting in-store and online payments. The SBP has undertaken various measures to reduce the country's reliance on these international card schemes and to promote cost-efficient, local currency-based payment instruments. Co-badging arrangements with international networks are also under development to allow broader use cases, including international and e-commerce transactions. While pricing structures of Visa/ MasterCard are governed by bilateral commercial arrangements between banks and payment schemes, SBP continues to provide strategic direction and oversight to promote fair competition and to lower the cost of digital financial services. The dominance of international payment schemes still persists due to several market factors such as (i) Strong brand recognition and global trust in Visa and MasterCard; (ii) their ability to support international and e-commerce transactions; (iii) provision of market development funds by schemes to issuing banks, and allowing discounts and promotional offers for customers. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
Govt decides reviewing PRI
ISLAMABAD: The government has decided to review Pakistan Remittances Initiative (PRI) - a crucial scheme for bringing remittances through formal channels, as payout increased by around four times while remittances by around two times during the last 10 years. Additional Secretary Finance Amjad Mehmood, while briefing the Senate Standing Committee on Finance and Revenue said that Finance Ministry took a summary into the Economic Coordination Committee (ECC) of the Cabinet and sought approval for reviewing PRI scheme. Following ECC's approval, the Cabinet has also directed for reviewing the scheme. The committee which met with Saleem Mandviwalla in the chair was briefed by Dr Inayat Hussain, deputy governor State Bank of Pakistan (SBP) on the PRI including the policy changes in the scheme over the years, including rates or other relevant aspect, along with their financial impact. Remittances: govt set to withdraw some incentives Mandviwalla stated that there is a dire need to review the PRI policy as the number of payouts increased manifold compared to the increase in remittances. Mandviwalla said that remittances were around $19 billion 10 years back, which now reached to over $36 billion; i.e., almost doubled. However, the payout under the scheme was around Rs20 billion which is now reached around Rs130 billion. Hussain said that the scheme was crucial for bringing remittances through the formal channels. He said that eligible transaction limit has been increased from $100 to $200. The committee was informed that since 2009, PRI has been working towards enhancement of home remittances through formal channels in Pakistan. As a result of active engagements with financial institutions (FIs), the number of FIs on PRI network has increased from around 25 in 2009 to more than 50 in 2024. The FIs include conventional banks, Islamic banks, microfinance banks, and Exchange Companies (ECs). Further, the Electronic Money Institutions (EMIs) are also allowed to receive home remittances by working through the banks. The number of international entities has increased from around 45 in 2009 to around 400 at present. In fiscal year 2024 alone, around 33 new international entities joined the home remittance business with the Pakistani FIs under the PRI channel. Through concerted efforts, remittance inflows have grown nearly fourfold, rising from $7.8 billion in fiscal year 2009 to $30.3 billion in fiscal year 2024. Over the past decade alone, remittance inflows have achieved an impressive 65 percent growth, reflecting their increasing significance and steady contributions to Pakistan's economy. While discussing the delay in enforcement of local currency settlement, the Chairman Committee reiterated that commercial banks issue VISA and MasterCard, who earned around $300 million from the country, without providing an option of PayPak. He further opined that all local debit cards should be linked to PayPak. The Committee recommended that commercial banks should give an option of PayPak on the form at the time of issuance of debit cards. The committee was informed that as of March 2025 of the 53 million debit and credit cards in Pakistan; about 10 million are PayPak and 2.5 million co-badged, while the rest are owned by Visa and MasterCard. The SBP informed the committee in writing that Visa/ MasterCard/ Union Pay; etc., are international payment schemes that offer card services all over the world. These schemes were established decades ago and offer many services such as online and shop-based payments. A large global network of merchants is connected with the platforms of VISA/ Master for accepting in-store and online payments. The SBP has undertaken various measures to reduce the country's reliance on these international card schemes and to promote cost-efficient, local currency-based payment instruments. Co-badging arrangements with international networks are also under development to allow broader use cases, including international and e-commerce transactions. While pricing structures of Visa/ MasterCard are governed by bilateral commercial arrangements between banks and payment schemes, SBP continues to provide strategic direction and oversight to promote fair competition and to lower the cost of digital financial services. The dominance of international payment schemes still persists due to several market factors such as (i) Strong brand recognition and global trust in Visa and MasterCard; (ii) their ability to support international and e-commerce transactions; (iii) provision of market development funds by schemes to issuing banks, and allowing discounts and promotional offers for customers. Copyright Business Recorder, 2025
