Speaking at a Digital Belt and Road dialogue, Pakistan’s Ambassador to China Moin ul Haque expressed Pakistan’s desire to improve the country’s e-commerce infrastructure and modernize the e-payment system in a way that the economy could benefit from this market.
He said, “Pakistan government is focusing on the development of e-commerce. China is leading the world in the field of e-commerce. Last year, its e-commerce transaction was $2 trillion, which is more than the added-up figure of e-commerce trades done in the US and Europe,”
“We would like to promote our e-commerce infrastructure to benefit from this huge market, and to upgrade our telecommunication sector and modernize the e-payment system,” he said during the 4th Belt and Road Service Trade Cooperation Forum held in Beijing.
CEO of Airwallex Greater China Wu Kai said, “As a payment infrastructure builder, our payment services cover all Belt and Road countries with 50 supported currencies. As Pakistan’s e-commerce is developing fast, many of our customers, especially e-commerce customers, have frequent economic exchanges with Pakistan,”. Wu joined the dialogue and further discussed the development of digital payment infrastructure with Moinul Haque.
“We can make payment more efficiently with lower cost, and we can help customers control their financial risks.”
It was reported that the COVID-19 has greatly accelerated the digital economy development of Belt and Road countries and there is an increasing number of international trades, that are providing a big demand for digital payment services.
Wu Kai stressed the importance of the role of the banking system during the development of a digital economy. “Currently, some Belt and Road countries don’t have adequate financial infrastructures. The premise of our service is that payers and receivers both have bank accounts.”
“What we can do is to build a solid foundation based on which other participants can develop their own payment applications or software,” Wu Kai said, adding that the company is looking forward to cooperating with Pakistan and more Belt and Road countries, making full use of each other’s complementary resources and advantages.
“We can also share our experience to help other participants to take less detour. We hope to work with all Belt and Road countries to make our entire payment system more efficient,” he added.