close

Fintech

FintechTechnology

e-Pay Punjab Achieves Another Milestone of Crossing 5 Million Transactions

e-Pay Punjab Achieves Another Milestone of Crossing 5 Million Transactions

e-Pay Punjab, a collaborative effort of the Finance Department of Punjab and Punjab Information Technology Board, is a leap forward to digitize collections from citizens as part of the larger exercise of digitizing the financial ecosystem of Punjab and improve financial inclusion. The collections through e-Pay Punjab have sky rocketed crossing 5 million online transactions and PKR 23 billion in 18 months since the launch. Out of this, Rs. 1 Billion was collected as online payment of Traffic Challan, Rs. 13 billion as Sales Tax, Rs. 5 billion as Token Tax and Rs. 2.6 billion as Property Tax from the 3.8 million e-Pay beneficiaries.

e-Pay Punjab Achieves Another Milestone of Crossing 5 Million Transactions

The system allows the citizens and businesses in Punjab to pay 20 taxes/levies of 9 different departments digitally from the convenience of their homes. e-Pay Punjab facilitates payments through multiple channels including Mobile Banking, Internet Banking, ATMs, Telecom agents network, TCS counters and OTC (Over the Counter) banking transaction. e-Pay Punjab app can be downloaded from the Play Store and Apple Store. Citizens are further facilitated by a 24/7 Support Helpline to resolve queries related to Online Payment of Taxes.

e-Pay Punjab Achieves Another Milestone of Crossing 5 Million Transactions

PITB Chairman Azfar Manzoor stated that during Covid-19 pandemic, e-Pay punjab has played an important role in facilitating citizens through online payment of Token Tax, Property Tax, e-Challan, Traffic Challan minimising physical interaction with officials. Presently Excise & Taxation, Board of Revenue (BOR), Punjab Revenue Authority (PRA), Punjab Police, Industries, Irrigation, School Education, Labour & Human Resource Department and Transport Department are integrated with the system.

read more
Fintech

Payoneer Responds Untaxed Foreign Income to FBR Report

Payoneer & Enablers Joined Hands to Strengthen Digital Ecosystem for Entrepreneurs

Payoneer payment platform has appeared a report in handle to tax proceeding launched by the Federal Board of Revenue against the company. Billions of rupees transactions have been appeared through Payoneer to the citizens of Pakistan by the Federal Board of Revenue Report. Furthermore, that was not mentioned and also payments of taxes not taken. Although Payoneer does not have any physical existence in Pakistan. Federal Board of Revenue launched strict action founded on the vital economic existence of Payoneer Company. One of the most important things is that its resources located from outside of Pakistan.

 

Furthermore, it discloses the territorial jurisdiction of Pakistan laws or Rules. Under the Income Tax Ordinance, 2oo1 and Federal Excise Act, 2005, Tax proceedings have also been launched against Payoneer.

 

Moreover, the narrative of Payoneer Company is:

Payoneer has been helping service exporters and freelancers of Pakistan for more than ten years. Payoneer administrative claims that in statement Payoneer has made people empowering self-employed professionals to become successful Exporters and entrepreneurs. We are much admired to offer thousands of exporters and freelancers in Pakistan. Payoneer enables them to receive amounts from their International clients. Payoneer has been providing these services to Pakistani freelancers as well as service exporters. Payoneer helps guarantee that hard-earned foreign currency is gained in Pakistan by unparalleled levels of service, formal bank channels, security and at low cost and compliance.

read more
Digital PakistanFintech

“Foree” Digital Payments and Remittance App has been launched

Pakistani Millionaire is going to Launch “First Digital Payments and Remittance Service”

“Foree”: 1st payment app

An app named Foree makes it convenient for people to merge their accounts and cards at one platform and do countless withdrawals at moderate charges.

 

The administrator of Foree

The administrator of Hashoo Group and controller of Forees’s Board, Murtaza Hashwani, has affirmed that Foree will be Pakistan’s foremost operative installment program.

Hashwani stated that Foree is different for, it avoids relocation of money through online banking; having specific dealing supports.

 

Assist Pakistanis

Moreover, he claimed that it will assist Pakistanis from other countries, specifically from the Middle East, to send money back to their people without third-party interference at a lesser cost.

It will increase digital commerce in Pakistan and will help people to purchase online from global trademarks with simultaneous remittance.

Foree had been launched with official funding the stages. Besides, upcoming growth will convince worldwide corporations and investors to invest money in Pakistan, later on, which will establish around one hundred thousand vacancies in the country, claimed Hashwani

read more
FintechStartups

Payoneer & Enablers Joined Hands to Strengthen Digital Ecosystem for Entrepreneurs

Payoneer & Enablers Joined Hands to Strengthen Digital Ecosystem for Entrepreneurs

For strengthening the digital ecosystem Payoneer and the enablers have joined their hands. This was happened in Lahore, 19th Feb 2020, during the ceremony. The top leaderships connected from sides joined the meeting.

Payoneer is a platform:

Basically, the Payoneer is a platform that is well-known for its cross border payment transformation: business or freelancing. It is working in over 200 countries worldwide for streamlining global commerce for more than millions of small business and market-places. Payoneer delivers quite good service for cross border payments through its banking infrastructure. Furthermore, with the help of compliance, operations and robust technology, it is making cross border transfer easy and secure.

 

About Pakistan

If we talk about Pakistan, then it is truly a blessing because it is one of the few platforms that is allowing cross border payment transaction. So it is acting as a source of relief for the online seller and freelancer of Pakistan. According to the report of Payoneer, that Pakistan is ranking 8th number as fastest growing freelancing economy worldwide. The reason is the abundant opportunities.

Online sellers and freelancers

For online sellers and freelancers, Cross-border payments remain one of the most prominent pain factors. To the eliminating this aspect, Payoneer is collaborating with the enablers, so that this pain point can alleviate. Moreover, could make the make cross-border payment as easy as a local payments procedure.

Cross border payments

Keeping in view the extensive need of the freelancers: cross border payments. The Enablers come forward and shake the hands with Payoneer for making easy cross border payments.

The Country Manager of Pakistan, Mohsin Muzaffer also talk about how Payoneer intend it to go ahead; shared a summary of the collaboration. He said that it is pleasing thing to know that such grand initiatives, the companies are taking in Pakistan. Furthermore, he thanked the enablers for making cross border payment easy and secure. He said that if the Payoneer and the enablers are going to work closing then it will definitely help the digital ecosystem in Pakistan. 

Moreover, the Payoneer’s Partnerships Manager, Affaf Noor also shared the same remarks and said that it is exciting thing to join the hands with the enablers. It will definitely improve the cross border e-commerce payment transaction. In addition, she also shows interest in working closing in future. So that they could develop the digital ecosystem in Pakistan.

Why The enablers are shaking the hands with the Payoneer:

The enablers are shaking the hands with the Payoneer taking goal that they will engage2 Million freelancer or employment opportunity. However, talking to Saqib Azhar, the CEO of Enablers, there discussed some visionary insights as well regarding this step.

That we all are working on it that country becomes the hub of freelancing and e-commerce working. So in this aspect, working with Payoneer will result in easy payment transfer rather than any disturbance. Lastly, he added that we putting effort into providing such services that can enthusiasts in every possible manner that could result in a bright future.

Last but not the least, Faisal Azhar added, COO Enablers said that it will surely result in digitalizing Pakistan as one of the biggest and well known e-commerce markets worldwide.

 

read more
Digital PakistanFintech

Banks must enable fully interoperable digital payment options, SBP orders

Banks-must-enable-fully-interoperable-digital-payment-options-SBP-orders

The State Bank of Pakistan (SBP) has issued an order to facilitate the bank’s customers


In its order, SBP orders to the banks for allowing their customers for having repayment options Alternate Delivery Channels (ADCs). So, the SBP issued the order that it has been decided for all the Banks must enable fully interoperable digital payment options for their ongoing customers. It is just to facilitate the customers with the repayment option in terms of financing facilities (which is defined as the Prudential Regulations for Consumer Financing). According to the SBP’s order here are mentioned the few minimum requirements that must be met:

Firstly, customers’ ADCs, the repayment option must be available including mobile and internet banking for paying bills.

Next, there should be no time limit that only certain fixed hours, the customers are bound to pay the payments. However, the banks’ system shall take the amount either its outstanding loan or the instalment due as well as some specific loan. Regarding this, all the MFBs/banks need to account for that clear information they should provide authentic and updated information for avoiding disputes and confusion.

Furthermore, it is issued that all the Banks/MFBs must possess the discretion for allowing the partial or full payment option regarding any paying amount; by this in their procedures and policies.

Moreover, including the Credit Card bill payments that come under the category of online payments or repayments are need to be considered as final/paid on execution of the transaction date after the customer’s acknowledgement from their using banks.

Before 30 June 2021, all banks/MFBs are bound to follow all the instruction that has mentioned earlier in this article by the SBP.

 

read more