Business

Here is the date and information for Google Pay’s launch in Pakistan!

Published

2 hours ago

Farwa

Google Pay is set to formally arrive in Pakistan by mid-March 2025, bringing its popular contactless payment system to the local market.

This advancement signifies a crucial milestone in Pakistan’s expanding digital payments ecosystem.

Sources acquainted with the situation indicated that the technology conglomerate’s entry into the Pakistani market was verified in November 2024, with Visa and Mastercard enabling the implementation.

The service will allow customers to connect their bank-issued debit and credit cards to Google Pay through the Google Wallet app, which will also be accessible to users in Pakistan.

The primary emphasis will be on facilitating contactless payments, but the full suite of Google Wallet functionalities, including loyalty cards and public transit passes, will not be incorporated in the initial phase.

Industry insiders disclosed that preparations are underway, with four to six prominent banks partnering with Visa and Mastercard to fulfill technical specifications and guarantee service compatibility. These initiatives seek to establish Pakistan as a pivotal market for Google’s digital payment solutions.

Pakistan’s payment infrastructure is well prepared to facilitate the launch. The State Bank of Pakistan reports that the nation has 133,000 point-of-sale (POS) terminals, with 99 percent equipped to take mobile contactless payments.

Experts assert that the introduction of Google Pay will enhance the adoption rates of digital payments in Pakistan, which have shown substantial growth in recent years. A top financial official involved in the project stated, “This development corresponds with the growing trend of cashless transactions in Pakistan.”

Essential Information Regarding Google Wallet

Google Wallet, formerly referred to as Google Pay, is a digital wallet and payment system enabling users to store and manage various documents, payment methods, and essential credentials on their Android devices.

Google Wallet launches in India: Instructions for usage – India Today

The platform enables contactless payments at compatible Point of Sale (POS) terminals, enhancing transaction speed and security. Furthermore, users can consolidate loyalty cards, boarding permits, tickets, and other digital passes, establishing a consolidated repository for all digital credentials.

The application prioritizes security by employing encryption and device security measures to guarantee secure transactions and safeguard personal data. This renders it a dependable choice for anyone seeking to transition from physical cards to the comfort of mobile payments.

Prospective advantages for Pakistan

The introduction of Google Wallet in Pakistan presents significant potential for a nation where the uptake of digital payments has lagged compared to other areas. The application will provide several significant advantages:

Secure and convenient transactions: Google Wallet eliminates the necessity for users to carry actual cards. They can execute secure, contactless payments instantly from their cellphones. The application guarantees encryption and safeguarding via the device’s inherent security functionalities, rendering it a more secure option compared to conventional payment methods.

Financial Inclusion: A significant benefit of Google Wallet in Pakistan is its capacity to enhance financial inclusion. A considerable segment of the population is unbanked, possessing restricted access to official financial institutions. By facilitating digital payments, Google Wallet will provide a conduit for these individuals to participate in the financial ecosystem, thereby addressing the digital divide.

Google Wallet officially returns to supplant Google Pay in most regions | Android Central

Facilitated Travel and Event Participation: For regular travelers and attendees, Google Wallet aims to streamline the organization and maintenance of boarding passes and event tickets. Users can scan their digital passes immediately from their smartphones, thereby removing the necessity for physical documents and mitigating the danger of losing essential travel or event information.

The wallet’s capacity to hold loyalty cards and reward programs will advantage users who often use establishments that provide discounts and special offers. This feature can enhance customer interaction, promote brand loyalty, and strengthen business-to-consumer relationships.

The PayPal conundrum

The introduction of Google Wallet highlights Pakistan’s persistent difficulties with international digital payment systems. Despite persistent speculation over PayPal’s possible market entry, regulatory obstacles have hindered the service’s rollout in Pakistan.

Notwithstanding earlier indications of possible collaborations with firms such as PayPal, PayPal has failed to establish a direct presence in the country owing to apprehensions regarding money laundering and several legal challenges.

The forthcoming introduction of Google Wallet in Pakistan presents a promising prospect for individuals seeking dependable and secure international payment options. The absence of PayPal is a significant barrier for numerous Pakistani consumers participating in international e-commerce; nevertheless, the introduction of Google Wallet may serve as a viable alternative for digital payments, offering a secure and efficient solution for routine transactions.

Business

On January 16, the price of petrol in Pakistan can increase once more.

Published

2 hours ago

Farwa

In yet another shock to the people affected by inflation, the administration of Prime Minister Shehbaz Sharif is set to raise the price of gasoline and diesel starting on January 16.

There are worries that the country’s petroleum product prices may rise further as a result of the spike in crude oil prices.

As global crude oil prices continue to rise, predictions indicate that prices will likely jump by Rs 3 to Rs 5 per litre.

For the third consecutive week, Brent crude futures increased by 0.35% to $77.32 a barrel, bringing crude oil prices to a three-month high.

This price change is a result of increased energy consumption and concerns about supply disruptions throughout the winter. Instead of broad economic worry, experts believe that worries about possible disruptions in the supply are the main cause of the increase in oil prices worldwide.

According to the Finance Division and Prime Minister Shehbaz Sharif, the Oil and Gas Regulatory Authority (OGRA) is likely to finalize the updated petroleum product prices. The revised rates will go into effect on January 16, 2025, if they are approved.

Current Pakistani prices for petrol and diesel

This rise follows a pricing adjustment earlier this month by the government. The price of petrol increased by Rs 0.56 on January 1st, reaching Rs 252.66 a litre.

Furthermore, the cost of high-speed diesel increased by Rs 2.96 to Rs 258.34 per liter.

With the government being under increasing pressure to modify rates in accordance with global market trends, the anticipated increase in local fuel costs is mostly being driven by the jump in oil prices worldwide.

Business

A stock market boom is questioned by an economist who points to few factors.

Published

3 days ago

Farwa

According to Muzzammil Aslam, an economic expert, Khyber Pakhtunkhwa has a debt of Rs725 billion.

Regarding financial advancements, he said that a particular fund has been established to handle economic difficulties, with Rs30 billion being provided to it.

Aslam observed that only five companies were mostly responsible for the recent spike on the Pakistan Stock Exchange.

“The boost is due to two fertilizer companies, two petroleum firms, and one bank,” he stated.

He went on to say that just five businesses helped the stock market rise by 35,000 points, underscoring their substantial influence on the performance of the market as a whole.

Business

Pakistan’s per capita GDP is on a positive growth track.

Published

4 days ago

Farwa

With a per capita GDP of $1,680 in FY2024 and forecasts for FY2025 indicating further rise to $2,405, Pakistan has made notable strides in its economic recovery and perseverance in the face of adversity.

With a per capita GDP of $2,996, Islamabad outperformed a number of regional standards, including the $2,106 national average for India.

Punjab also demonstrated improvement, as evidenced by its per capita income of $1,713.60, which was 2% more than the national average and added to the country’s improving economic situation.

With a $1,748 per capita income, Sindh has also been a good performer. In the meantime, Khyber Pakhtunkhwa (KPK) and Balochistan reported per capita incomes of $1,388.41 and $1,106, respectively, indicating consistent economic growth in these regions.

Gilgit-Baltistan and Azad Jammu and Kashmir also recorded noteworthy per capita incomes of $1,550 and $1,730, reflecting the government’s focus on balanced regional development.

India’s geographical differences, on the other hand, showed notable inequality. While southern states reported a per capita income of $3,421, northern regions, particularly those under the influence of Hindutva politics, reported much lower figures, with only $813.

India also grapples with severe poverty, with 234 million people living below the poverty line, according to the UNDP and Oxford Poverty and Human Development Initiative. According to the International Labour Organization, youth unemployment in India has also increased to concerning proportions, rising from 35.2% to 65.7%.

Despite facing external pressures, Pakistan’s economy has shown resilience, enduring a $150 billion loss over two decades due to foreign-sponsored terrorism, compounded by the burden of hosting 4 to 5 million Afghan refugees. However, Pakistan’s dedication to stability and long-term development is still evident.

Pakistan’s focus on sustainable and inclusive growth presents a clear roadmap for transforming current challenges into future opportunities, paving the way for long-term prosperity.