Pakistan Single Window (PSW) is developing a new Unified Payment System that will let importers and exporters pay customs duties, taxes and other trade-related charges through a pre-funded digital wallet, in a move aimed at making cross-border trade payments faster and more transparent.
What happened?
Pakistan Single Window, the country’s digital trade facilitation platform, is building the Unified Payment System (UPS) as a new payment option for businesses engaged in cross-border trade. The wallet will be operated by a licensed bank or fintech company under a framework approved by the State Bank of Pakistan.
Key details
- Traders will be able to top up the wallet through inter-bank fund transfers (IBFT), Raast, banking apps, online portals and over-the-counter deposits, and withdraw funds remotely.
- Payments will be made against payment advice generated through PSW-linked services, including customs clearance, maritime trade, port operations and air cargo systems.
- A licensed service provider will manage customer funds, deposits, withdrawals, refunds and payment settlements. PSW itself will not directly hold or manage customers’ money.
- The wallet will sit alongside existing Pre-Deposit (PD) accounts and banking channels; existing PD accounts will not be replaced or transferred to the new system.
- The initiative is designed to let traders manage multiple payments through a single balance and track transactions more easily, improving payment reconciliation.
What it means for people in Pakistan
For importers, exporters and small trading businesses, a single pre-funded wallet could mean fewer separate bank trips and less paperwork when clearing goods, with all trade-related payments tracked in one place. As trade costs and delays fall, the benefits can filter through to consumers in the form of smoother supply chains and more predictable prices for imported goods.
Source: https://www.techjuice.pk/pakistan-announces-new-digital-wallet-for-traders/
