Alipay is a China-based third-party mobile company. It’s actually a digital platform by Alibaba which has decided to start operations in Pakistan by the end of this year. The Telenor Chief Executive Officer, Irfan Wahab Khan has confirmed that Alipay will start working by the end of this year in Pakistan. The digital platform Alipay is seeking approval from the State Bank of Pakistan and Competition Commission of Pakistan (CCP) nowadays.
The Digital Platform Alipay will pave the way for international payment gateways
The parent company of Alipay is going through the process of seeking approval from State Bank of Pakistan and Competition Commission of Pakistan (CCP). They want to pave the way for international payment gateways to enter in Pakistan. The board member of the Telenor Microfinance Bank, Irfan Wahab Khan stated that:
“The opportunity exists in data, digital payments, and e-commerce.”
The international digital payment system is the need of the hour. We know that Pakistan has entered into the digital era with the arrival of 3G/4G technology. Moreover, it will soon get the 5G services as well. So, digital payment systems are required. According to the latest data available with the Pakistan Telecommunication Authority (PTA), the mobile phone service has made its way to 72% of the population. It ensures that the future of economic growth will depend on the online payments services.
Daraz.pk is the first biggest tech acquisition in the country. Recently, Alibaba, the Chinese e-commerce giant has expanded its reach in Pakistan by acquiring it. It will give tough competition to PayPal of 1link, Fonepay, and Avanza Premier Payment Services (APPS).
However, Irfan Wahab Khan further said that:
“It’s about incentive. Customers are sensible to adopt new technology when it offers incentives to them”
It is a good initiative that can help Pakistan to prosper in the e-commerce market.