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PayPak ( Urdu: پے پاک) is a Pakistani domestic financial services and payment service launched by 1Link under the State Bank of Pakistan Vision 2020. Currently, 35 of the country's banks have adopted it. [ 1] The reason to launch this domestic payment scheme was to save inter-change costs of International Payment Schemes.
Raast (Urdu: راست lit. 'direct') is an instant payment system developed by the State Bank of Pakistan (SBP). It operates using the state-of-the-art Pakistan Faster Payment System (PFPS), facilitating real-time settlement of small-value retail payments, including inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. [1] The payment gateway may be provided by a bank to its customers, but can be provided by a specialised ...
IMF member states not accepting the obligations of Article VIII, Sections 2, 3, and 4 [1] Pakistan has been a member of the International Monetary Fund (IMF) since 1950. [2] Due to the high unpredictable nature of its economy and its dependence on imports, the IMF has provided loans to Pakistan 22 times, with its most recent being in 2019.
Payment system. A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. [ 1][ 2] A payment system is an operational network which ...
For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing ...
Pakistan's e-trading mainly involves buying and selling goods, and services using internet or telephone, through the use of electronic means such as computer, fax machine, cellular phone, automated teller machines (ATMs), and other electronic appliances with or without using the internet. Online banking, e-tickets, share trading in stock ...
As part of CPEC, Pakistan has boosted its international engagement in terms of foreign policy with China, Iran, USA, Turkey and Malaysia are to be engaged for the maritime economy related to CPEC. [353] Iranian President Rouhani revealed his intentions to Pakistan to join CPEC in a meeting at the UN [354] Russia has also expressed support for CPEC.