On Thursday, according to the ministry of commerce. Pakistan’s E-commerce market size experienced a growth of over 35 per cent. Hence, in the first quarter of the fiscal year 2021 to 96 billion compared to Rs 71bn over the parallel period of last year.
Moreover, according to the data shared in the fourth meeting of National E-Commerce Council (NeCC). Chaired by Commerce Advisor Razak Dawood. Consequently, representatives of many public and private sectors made an appearance. The agenda of the meeting was to discuss that the E-Commerce merchants prepayment have been increased to 2164 from 1410 in the past 12 months.
Moreover, National Institutional Facilitation Technologies (NIFT) stated in the meeting that it is in the process of introducing a payment solution for cross border/international payments in coordination with SBP. Through which people residing overseas will be able to pay via Paypal, Google Pay and Apple Pay. Whereas payments within Pakistan will be processed by integration with any international payment provider. The Payment facility will be in practice by the end of 2020.
Furthermore, The Sub-committee on Financial Inclusion & Digitisation shared its progress of having conducted three webinars for freelancers, mobile wallet and account-based solutions and card-based payments in collaboration with MOC. The Trade Development Authority of Pakistan shared its progress on trade facilitation portal for the E-Commerce Market. In accordance with that, a concept paper on e-commerce portal prepared by the Asian Development Bank was also approved.
