Fawad Chaudhary confirms the launch of e-payment mechanism in Pakistan
- Each and every person will do the payment via mobile phone and the economy will become documented automatically.
- Currently, more than 15 crore mobile phones are operational within Pakistan are attested by fingerprinting and each cellphone itself serves as an account.
The incumbent government has to cope with the big challenge of collecting billions of rupees in tax payment and one of the factors that undermine such an attempt is the vast undocumented economy that is taking its roots in business transactions including property business and everyday dealings.
The undocumented economy is a structural flaw in the existing economic system. Apart from various other measures taken to document the informal economy PTI-led Government’s Minister for Science and Technology Fawad Chaudhary has announced, reported by GNN, that each and every person will do the payment via mobile phone and the economy will become documented automatically because of cellphone payment mechanism.
He said that currently more than 15 crore mobile phones are operational within Pakistan are attested by fingerprinting and each cellphone itself serves as an account.
An IT expert commented on the development that such a system is far from implementation within Pakistan and if the government really want to document and digitalize the economy this way needs to facilitate the companies who want to introduce e-payment mechanism in Pakistan and apart from this taxation system is required to make easy.
Do you think that the e-payment system as announced by Minister Fawad Chaudhary would help document the economy citing the poor accountability procedures? Share your thoughts in the comment section below