KARACHI: Pakistan on Friday launched the National Payments System Strategy (NPSS) to boost its economic growth by seven percent, create four million jobs and attract $263 billion of new deposits by 2025, officials said.
State Bank of Pakistan Governor Dr. Reza Baqir and World Bank President David Malpass launched the NPSS in Karachi, targeting one million new Point of Sales (PoS) as part of the country’s plan to digitize its economy and achieve greater financial inclusion.
“The State Bank will continue to strengthen legal and regulatory framework [of the country] to bring it in line with the best international practices. Our main focus will be to digitize retail payments and introduce new digital instruments in the country. We would like to give the challenging target of digitizing a million new merchant locations within the next three years,” Dr. Baqir said at the launching ceremony of the NPSS at the headquarters of the country’s central bank.
The availability of PoS acceptance devices has grown more briskly than that of ATMs. By FY2019, there were 56,911 PoS acceptance devices in use, 48 for every 100,000 adults, according to the SBP. The central bank estimates that the digitization of payment system will represent a potential market of $36 billion by 2025.
Pakistan’s market is mainly dominated by cash-based commercial transactions with very little use of electronic payments, especially by micro and small retailers. The country’s economic managers hope that the digitization of the economy will also provide sufficient resources for investment purposes.
“Digital inclusion is part of our strategy which will ultimately provide pool of massive resources for financing investment in Pakistan,” Dr. Baqir said. “It will be easier to make and receive payments which will also help people save and plan their financial future better.”
Speaking on the occasion the World Bank president called on banks and other institutions to collaborate and increase the number of individuals and formal businesses using the system, saying: “An increase in the number of users will bring down the cost of transactions.”
Malpass also offered the help of the World Bank to implement the national payment strategy as part of the global push for digital financial inclusion. “The [State Bank] governor can call me or my team,” he added. “We have a very strong team in Pakistan with expertise, energy and drive. We want to help make [the system] work.”
Officials say the objective of the government’s strategy is to make recommendations to design a National Payments System that is in compliance with international standards and best practices, besides being tailored for specific circumstances and needs for a safe, efficient and inclusive National Payment Systems in Pakistan.
Pakistan launches national strategy to move from cash to electronic payment system
https://arab.news/8jzk2
Pakistan launches national strategy to move from cash to electronic payment system
- The country expects the change to result in seven percent economic growth rate by 2025
- The new payment mechanism will also result in greater financial inclusion in Pakistan
In Pakistan, ‘Eternal Love’ has no place on YouTube
- YouTube blocked the Urdu-language dating show after complaints that it violated cultural and religious norms
- YouTube blocked the Urdu-language dating show after complaints that it violated cultural and religious norms
ISLAMABAD: YouTube has hit pause on a dating show that whisked eight men and women from conservative Pakistan to a sun-soaked Istanbul villa, where the strangers mingled, flirted and searched for chemistry.
What was meant to be a glittering escape into modern-day romance sparked a storm back home, turning the rose-petal drama into a cultural, traditional and religious flashpoint.
Dating and sex outside of marriage are prohibited by law in the Muslim-majority country, where public displays of affection can draw penalties.
The show “Lazawal Ishq,” or “Eternal Love,” aired 50 episodes before it was recently taken off YouTube in Pakistan, though it is still available elsewhere.
The format, reminiscent of the British reality hit “Love Island,” pushed boundaries that Pakistani entertainment typically avoids.
“Our program might not be watchable in Pakistan due to political reasons,” the show posted on its Instagram page.
It advised Pakistani viewers to use virtual private networks (VPNs) to continue watching.
YouTube did not immediately reply to an AFP request for comment on why the show was suspended.
The show’s trailer starts with the host, actress Ayesha Omer, entering the villa in a white dress, where she meets contestants who are to choose a partner of their liking and test their compatibility through 100 episodes.
Omer swiftly came under fire online for wearing a “Western dress” and hosting a show that “promotes obscene and immoral content,” an increasingly common reaction to celebrities who deviate from Pakistan’s conservative expectations.
Omer countered on Instagram that “this is not a Pakistani show... it is a Turkish production, but of course people in Pakistan can watch it.”
A LOT OF COMPLAINTS
The Urdu-language show proved popular, with the inaugural trailer getting over two million views.
The online buzz underscored a growing divide between Pakistan’s younger, digitally connected audience and traditional gatekeepers anxious about changing values.
“It was something fun to watch. A show that showed that people in Pakistan can and do date even though it is frowned upon,” said one viewer who requested anonymity to speak freely.
But someone soon filed a petition to the Pakistan Electronic Media Regulatory Authority (PEMRA), it said, seeking a ban and claiming the show goes against “Pakistan’s religious and social values by showing unmarried men and women living together.”
The regulator acknowledged receiving “a lot of complaints” about “Eternal Love” but said it did not have jurisdiction over digital platforms.
PEMRA advised petitioning the Pakistan Telecommunication Authority, which oversees online content. It did not respond to requests for comment.
It is not the first time YouTube has taken down a program deemed offensive by conservative Pakistanis.
Last year, the show “Barzakh,” a family drama that touched on topics including love and spirituality, was removed on claims it promoted LGBTQ relationships.
