BEIJING, Sept. 28: Experts from Pakistan and China are actively engaged in building a better digital payment system, Gwadar Pro reported on Tuesday.

"Pakistan government is focusing on the development of e-commerce. China is leading the world in the field of e-commerce.

Last year, China's e-commerce transaction was $2 trillion, which is more than the added-up figure of e-commerce trades done in the US and Europe," said Moin ul Haque, Pakistani ambassador to China, during a dialogue themed by Digital Belt and Road on the 4th Belt and Road Service Trade Cooperation Forum held here.

"We would like to promote our e-commerce infrastructure to benefit from this huge market, and to upgrade our telecommunication sector and modernize the e-payment system." Moin ul Haque added.

"As a payment infrastructure builder, our payment services coverall Belt and Road countries with 50 supported currencies.

As Pakistan’s e-commerce is developing fast, many of our customers, especially e-commerce customers, have frequent economic exchanges with Pakistan," said Wu Kai, Airwallex Greater China CEO, who also joined the dialogue and discussed digital payment development with Moin ul Haque.

"We can make payment more efficiently with lower cost, and we can help customers control their financial risks."

"The COVID-19 is accelerating the digital economy development of Belt and Road countries and there are more and more international trades, which provide a big demand for digital payment services."

Wu Kai also stressed the importance of banking system during the development of digital economy. "Currently, some Belt and Road countries don't have adequate financial infrastructures. The premise of our service is that payers and receivers both have bank accounts."

"What we can do is to build a solid foundation based on which other participants can develop their own payment applications or software. " Wu Kai said, adding that the company is looking forward to cooperating with Pakistan and more Belt and Road countries, making full use of each other's complementary resources and advantages.

"We can also share our experience to help other participants to take less detour. We hope to work with all Belt and Road countries to make our entire payment system more efficient," the report added.

Credits: INP-WealthPk