The system is thought to facilitate transactions via mobile banking, aiming at the same time at replacing the existing manual trade payment system by opening Letters of Credit.
In addition, Prime Minister Nawaz Sharif has formulated an understanding with Alibaba Group Founder and Executive Chairman Jack Ma, who also owns Alipay, to open an office in Pakistan. Therefore, Alipay will enable Chinese and Pakistani traders to make e-payments between the two countries.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now