Islamabad plans digital remittance solutions for Pakistanis in Gulf via PayPak scheme
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.
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