Checkout.com, NIFT finalizing borderless payment mechanism in six months

The screen grab shows the layout of the website Checkout.com. (Photo courtesy: Checkout.com)
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Updated 25 September 2020
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Checkout.com, NIFT finalizing borderless payment mechanism in six months

  • Financial transactions through PayPal etc. will be directed to merchants’ bank accounts
  • Digital payments are becoming more popular in Pakistan due to government incentives

KARACHI: Information technology experts confirmed on Friday that Pakistani merchants would be able to make cross-border financial transactions in the next six months using major international payments platforms, including PayPal, Apple Pay and Google Pay, via Checkout.com.
PayPal Holdings and other foreign companies providing online payment facilities do not operate in the country, making it difficult for local businesses to adopt simpler ecommerce mechanisms.
“The technology trials between NIFT [National Institutional Facilitation Technologies] and Checkout.com have kicked off,” Badar Khushnood, head of ecommerce committee of the Pakistan Software Houses Association (P@SHA), told Arab News. “Both sides are looking into different aspects of online payments, such as how money will be received and returned or how transactions will be cancelled. All of these things are being worked out.”
Checkout.com is a global payment provider which offers reliable payments in more than 150 different currencies. It also accepts payments from all major international card schemes, including Visa, MasterCard and American Express, along with other popular alternatives and local payment methods.
“Checkout.com brings a unified offering of all the prominent international payment methods and wallets such as PayPal, AliPay, Apple Pay and Google Pay, enabling merchants to pay and run their businesses in Pakistan,” according to a statement issued by the Ministry of Commerce on Thursday.

Khushnood, who leads the private sector in the National E-Commerce Council (NeCC), informed that the technology would be delivered to ecommerce merchants in Pakistan within three to six months.
The progress on the implementation of the payment system project was discussed in the third NeCC meeting which was chaired by the adviser to prime minister on commerce and investment, Abdul Razak Dawood, on Thursday.
“The implementation will enable both organizations to provide payment services through each other’s infrastructure and pursue commercial opportunities as a partnership,” the commerce ministry statement added. “This strives towards a borderless experience for businesses and consumers alike, promoting digital payments and settlements for exports and digital commerce across Pakistan.”
NIFT that partnered with Checkout.com is a joint venture between a consortium of six major banks and entrepreneurs from the private sector. It has been licensed and nominated by the State Bank of Pakistan (SBP) as Payment System Operator (PSO) and Payment System Provider (PSP) to maintain an electronic platform for clearing, processing, routing and switching of electronic transactions.
“PayPal, Apple Pay, and Google Pay do not operate in Pakistan,” Khushnood said, adding the gap would be filled by Checkout.com-enabled technology.
“The merchants will now be able to directly receive payments in their bank accounts as these companies are legally connected to Checkout.com which has permission to operate in countries where our businesses do not exist in a legal sense,” he explained.
Pakistani officials maintain that digitization of payment is becoming more popular in the country since cash payments are getting more expensive in comparison to digital ones.
“The Punjab Revenue Authority has slashed sales tax from 16 percent to five percent on payment through plastic money. Digital payments have increased by 35 percent,” Khushnood informed.


Asian Development Bank approves $7.5 million to boost health care in Pakistan’s northwest

Updated 5 sec ago
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Asian Development Bank approves $7.5 million to boost health care in Pakistan’s northwest

  • Funds will aid in revamping hospitals, improving service delivery, modernizing equipment across secondary health facilities
  • The ADB has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public, private sector loans

ISLAMABAD: The Asian Development Bank (ADB) has approved $7.5 million to enhance health care systems in Pakistan’s northwestern Khyber Pakhtunkhwa province, Pakistani state media reported on Thursday.

The funds will support the mega project of revamping of Non-Teaching District Headquarters hospitals across the province, the Radio Pakistan broadcaster reported.

“It would also improve service delivery, and modernize equipment across secondary health care facilities,” the report read.

The regional development bank has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public and private sector loans, grants and other forms of financing to promote inclusive economic growth in the country.

On Dec. 14, Pakistan signed a loan agreement with the ADB for the Integrated Social Protection Development Program additional financing amounting to $330 million.


India to play Champions Trophy on neutral ground, not Pakistan

Updated 20 min 41 sec ago
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India to play Champions Trophy on neutral ground, not Pakistan

  • In return, Pakistan will also play upcoming ICC tournaments hosted by India in other countries, yet to be decided
  • The agreement will extend to ICC Women’s Cricket World Cup 2025 hosted by India, ICC Men’s T20 World Cup 2026

KARACHI: India will play next year’s Champions Trophy matches on neutral ground after refusing to visit tournament host and arch-rival Pakistan, the International Cricket Council said Thursday following weeks of wrangling.
In return, Pakistan will also play upcoming ICC tournaments hosted by India in other countries, yet to be decided.
“India and Pakistan matches hosted by either country at ICC Events during the 2024-2027 rights cycle will be played at a neutral venue, the ICC Board confirmed,” said a statement released by the body.
“This will apply to the upcoming ICC Men’s Champions Trophy 2025 (hosted by Pakistan).”
The agreement will extend to the ICC Women’s Cricket World Cup 2025 hosted by India, and the ICC Men’s T20 World Cup 2026 hosted by India and Sri Lanka, the statement added.
The announcement ended a month-long stand-off over the Champions Trophy, after India told the ICC it will not send its team to Pakistan because of security fears and political tension.
Pakistan did, however, play in India during the 2023 ICC World Cup hosted there.
 


Pakistan issues visas to 84 Indian Hindu pilgrims to visit Katas Raj temples

Updated 25 min 28 sec ago
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Pakistan issues visas to 84 Indian Hindu pilgrims to visit Katas Raj temples

  • 900-year-old Katas Raj temples are one of the holiest sites in South Asia for Hindus
  • In 2021, Pakistan opened the Kartarpur corridor as a visa-free crossing for Indian Sikhs

ISLAMABAD: The Pakistan High Commission in New Delhi has issued visas to 84 Indian Hindu pilgrims to visit the Shri Katas Raj temples in the Chakwal district of the eastern Punjab province from Dec. 19 till Dec. 25, Pakistani state media reported this week.
The 900-year-old Katas Raj temples, one of the holiest sites in South Asia for Hindus, form a complex of several temples connected by walkways that surround a pond named Katas that Hindu sacred texts say was created from the teardrops of Shiva as he wandered the Earth inconsolable after the death of his wife Sati.
The complex is located in the village of Katas some 110 km (70 miles) south of the Pakistani capital of Islamabad.
“The issuance of pilgrimage visas is in line with the policy of Government of Pakistan to facilitate visits to religious shrines and promoting interfaith harmony,” the APP news agency reported, citing a statement from the Pakistani high commission.
Under the 1974 Pakistan-India Protocol on Visits to Religious Shrines, each year thousands of Sikh and Hindu pilgrims from India visit Pakistan to attend religious festivals and events.
Pakistan’s chargé d’affaires Saad Ahmad Warraich wished the pilgrims “a spiritually rewarding yatra and a fulfilling journey,” according to the APP report.
In 2021, Pakistan opened the Kartarpur corridor as a visa-free crossing allowing Indian Sikhs to visit the temple just 4km (2.5 miles) inside Pakistan where Sikhism’s founder Guru Nanak died in 1539. Many Sikhs see Pakistan as where their religion began as Nanak was born in 1469 in a small village near the eastern Pakistani city of Lahore.
The Kartarpur corridor marked a rare thaw in relations between the two nuclear-armed foes and neighbors.


Pakistan, Bangladesh leaders agree to expand bilateral ties on sidelines of D-8 summit in Cairo

Updated 58 min 24 sec ago
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Pakistan, Bangladesh leaders agree to expand bilateral ties on sidelines of D-8 summit in Cairo

  • Pakistan, Bangladesh have sought to improve bilateral ties since former PM Hasina’s ouster as a result of a mass movement
  • PM Shehbaz Sharif thanked Bangladesh for the recent steps taken for facilitation of trade and travel between the two nations

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif and Muhammad Yunus, head of the Bangladeshi interim government, on Thursday agreed to deepen bilateral cooperation in all areas of mutual interest, Sharif’s office said, following a meeting between the two leaders on the sidelines of the 11th Summit of the Developing Eight (D-8) countries in Cairo.
The meeting took place in a cordial environment, truly reflecting the existing goodwill and fraternal ties between Pakistan and Bangladesh, according to PM Sharif’s office.
The Pakistan premier expressed Pakistan’s keen desire to enhance bilateral cooperation, particularly in the areas of trade, people-to-people contacts and cultural exchanges.
“The two leaders expressed satisfaction over recent positive developments in bilateral relations and noted with satisfaction the increasing frequency of high-level contacts,” Sharif’s office said in a statement.
Established together as one independent nation in 1947, Bangladesh won liberation from then-West Pakistan in 1971. Relations between the two countries continued to deteriorate during former Bangladesh prime minister Sheikh Hasina’s administration, which prosecuted several members of the Jamaat-e-Islami (JI) party for war crimes relating to the 1971 conflict.
However, relations between Pakistan and Bangladesh have improved since Hasina was ousted in a bloody student-led protest in August. Islamabad’s ties with Dhaka have also improved as Bangladesh’s relations with India, where Hasina has sought refuge, have deteriorated.
During the meeting, Sharif’s office said the premier emphasized on the need to make joint efforts to explore new avenues of economic cooperation and to take advantage of their potential in sectors such as chemicals, cement clinkers, surgical goods, leather goods and information technology.
“The prime minister expressed his gratitude to Bangladesh for the recent steps taken for facilitation of trade and travel between Pakistan and Bangladesh,” Sharif’s office said.
“This includes waiving off the condition of 100 percent physical inspection of the consignments from Pakistan and abolishment of special security desk at the Dhaka airport earlier established to scrutinize Pakistani passengers. Prime Minister also thanked Bangladesh for doing away with additional clearance requirement for Pakistani visa applicants.”
The two leaders acknowledged importance of people-to-people contacts and cultural exchanges, including enhanced exchange of artists, sportspersons, academics, and students, according to the statement. Both sides agreed to forge greater cooperation at various multilateral fora, including D-8.
Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the D-8 summit on December 18-19. Founded in 1997 in Istanbul, D-8 is an organization for development co-operation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. The 11th summit of the bloc is themed as “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
He will address the summit today, Thursday, and highlight the importance of investing in youth and small medium enterprises (SMEs) for building a strong and inclusive economy, creating jobs, advancing innovation, and promoting local entrepreneurship, according to his office.
The prime minister will also attend a special session of D-8 on the humanitarian crisis and reconstruction challenges in Gaza and Lebanon to deliberate on the situation resulting from Israeli military actions in the Middle East.
Also on Thursday, Sharif held a meeting with Indonesian President Prabowo Subianto and congratulated him on assuming the office. The two figures exchanged views on a wide range of issues of mutual interest, including bilateral ties covering political, trade and economic matters as well as cooperation at the multilateral fora, according to Sharif’s office.
“Both the leaders reaffirmed their unwavering support for the Palestinian cause and called for a ceasefire in Gaza urging for a comprehensive approach for resolution of the Palestinian question, with the establishment of a sovereign and independent State of Palestine,” it added.


Pakistan stock market sheds over 2,000 points on profit-taking, foreign outflow concerns

Updated 19 December 2024
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Pakistan stock market sheds over 2,000 points on profit-taking, foreign outflow concerns

  • KSE-100 index drops 2,671 points, or 2.41 percent, to a low of 108,398.42 during intraday trading
  • Analysts say market downturn driven by blue-chip stocks, unstable rupee and weak global oil prices

ISLAMABAD: The Pakistan Stock Exchange (PSX) on Thursday declined by more than 2,000 points, stock analysts said, citing profit-taking and concerns over foreign outflows as main reasons behind the slump.

The benchmark KSE-100 index dropped 2,671.87 points, or 2.41 percent, to 108,398.42 points during intraday trading on Thursday, compared to Wednesday’s close 111,070.29 points.

Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said the downturn was driven by profit-taking by investors, an unstable rupee and weak global oil prices.

“Stocks bearish on concerns over foreign outflows and outlook for cautious SBP [State Bank of Pakistan] policy easing on susceptible multiple risks,” he told Arab News.

“Consolidation in the blue-chip scrips, rupee instability and weak global crude oil prices played a catalyst role in bearish activity.”

On Dec. 16, Pakistan’s central bank cut its key interest rate by 200 basis points to 13 percent, marking the fifth straight reduction since June.

Blue-chip stocks in the PSX include large, stable companies like Oil & Gas Development Company (OGDC), Hub Power, Engro, Nestlé and Lucky Cement. These companies are known for strong performance, financial stability, and industry leadership, making them popular for long-term investments.

Raza Jafri, head of equities at Intermarket Securities, said value buyers would be tempted to reenter on dips, with valuations still in active territory and no changes to the economy’s positive outlook.

“Pakistan equities have experienced profit-taking this week, after this year’s robust 80 percent + CYTD [calendar year to date] rally,” he told Arab News.

“Similar profit-taking also occurred in mid-December last year, around 10 percent, after a rapid rally.”