Pakistan enters the list of very few countries having block-chain international payment service
Pakistan is among the very few countries in the world that have launched international payment service using blockchain technology.
Ant Financial, the world’s top valued Fintech company, is powering the first cross-border payment service of Pakistan using block-chain technologies. It is a significant milestone in a country’s journey to support financial inclusion.
On Tuesday, the Telenor Microfinance Bank of Pakistan introduced the service through its Easy paisa, mobile virtual wallet.
The wallet allows Pakistanis living in Malaysia to send money home immediately, and securely, through Telenor’s Malaysia-based payment service provider Valyou.
Few Countries in the World
The former governor of the State bank of Pakistan, Tariq Bajwa, said: “This includes Pakistan among the few countries in the world that have introduced international payments using block-chain technology.”
According to the joint report from the Ant Financial and Telenor, the technology will not only improve the speed and efficacy of payments, but will guarantee safe and translucent money transactions. All the information stored, shared, or uploaded through the block-chain payment platform will be encoded.
The Chairman of the Ant Financial, Eric Jing, said, “The new payment service is one of the examples of how evolving technologies can help nations meet their digital and financial inclusion goals.”
Presently, Pakistan collects about $1 billion in home payments from Malaysia.
Recently, the government revealed a National Financial Inclusion Strategy based on a five-year plan. It intends to provide 3 million jobs and further exports of $5.5 billion by improving small and medium-sized initiatives’ access to funding.
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