New Payment System for Traders Announced
Importers and exporters could soon pay customs duties, taxes and other trade charges through a pre-funded digital wallet, as Pakistan … Read More The post New Payment System for Traders Announced appeared first on ProPakistani .
Pakistan Single Window (PSW) is set to introduce a new Unified Payment System (UPS) for cross-border trade payments, allowing importers and exporters to pay customs duties, taxes, and other trade charges through a pre-funded digital wallet. The wallet, to be operated by a licensed bank or fintech company under the State Bank of Pakistan (SBP) framework, will utilize existing infrastructure instead of building a new system.
Traders will be able to top up the wallet using various methods, including inter-bank fund transfers, banking apps, and over-the-counter deposits, and withdraw funds remotely. The system will settle payments against payment advice generated within the PSW ecosystem, which includes various PSW-linked services. The service provider will manage fund custody, balances, top-ups, withdrawals, refunds, reversals, and settlement, along with customer due diligence and anti-money laundering checks.
The wallet will complement existing Pre-Deposit (PD) accounts and bank or payment-gateway-based mechanisms, offering traders an extra option for convenience and visibility in trade payments.
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