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In Pakistan, a visa for a tenfold growth in the use of digital payment methods

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Visa intends to increase the number of businesses in Pakistan that accept digital payments by a factor of ten over the course of the next three business years.

Visa’s general manager for Pakistan, North Africa, and the Levant, Leila Serhan, has stated that the following holds true. Visa’s new strategic relationship with 1Link, Pakistan’s leading payment service provider, is designed to improve remittance processes and promote digital transactions in the nation. This announcement corresponds with Visa’s new agreement with 1Link.

It is estimated that Pakistan has one of the greatest populations of people who do not have bank accounts in the world, with 240 million people. There are around 83 million persons in the country who are currently in possession of a bank account, which is just sixty percent of the total population of 137 million adults in the country.

With the goal of making digital transactions more accessible and inexpensive, Visa is investing in the development of digital payment infrastructure.

The number of point-of-sale (POS) machines in Pakistan is currently 120,541. With the goal of achieving a tenfold rise in the number of businesses that accept digital payment methods, Visa intends to significantly boost this number. The point-of-sale (POS) machines in certain firms are several. In a statement, Serhan stated, “We are aiming to tenfold the acceptance of digital transactions among businesses.”

Using technology that enables mobile phones to be used for payments and supporting a variety of payment methods, such as QR codes and card taps, are both components of the company’s expansion plan.

The goal of Visa is to access not only major metropolitan areas and well-known enterprises, but also smaller businesses located all throughout the country. “We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan in an interview.

With the help of 1Link, the remittance processes are going to be improved, the payment security will be improved, and transactions will be encouraged to take place through official channels. Remittances are an important source of revenue for Pakistan, which is a major beneficiary of these money. Pakistan’s foreign exchange reserves and GDP are both dependent on these funds.

The impact of the technical connection with 1Link was something that Serhan expressed hope about, and he anticipated that it would be of substantial benefit to Pakistani consumers. Not only that, but the agreement will make it possible for 1Link’s PayPak cards to be used on Visa’s Cybersource platform for online transactions. This is despite the fact that PayPak is a competitor in the digital payments industry.

In accordance with the recent bailout agreement that Pakistan reached with the International Monetary Fund, which was worth $7 billion, this decision is in line with the changes that are intended to increase revenue and formalize the economy. “Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Mr. Serhan stated.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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