State Bank of Pakistan launches new mechanism for online international payments

These companies include Twitter, YouTube, WordPress, LinkedIn, WhatsApp, Coursera, Udacity, Udemy, Apple, Zoom, Shopify, and others.

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sbp

The State Bank of Pakistan has launched a new mechanism for local companies and digital content developers to make payments to globally recognized social and digital media platforms. The initiative would help them to avail of their expertise and services, such as advertisement and e-commerce.

According to the central bank, “Local companies, through authorized dealers, can make payments of up to a maximum of $200,000 or equivalent in other currencies, per year.”

Authorized dealers are mainly commercial banks, exchanges, and money transfer services.

The SBP further stated,” the ultimate beneficiary of payment should only be the company (including their affiliates or associated entities) mentioned above. Though, up to a maximum amount of $25,000, out of the total annual limit of $200,000, can be remitted to the digital service provider other than these companies.”

These companies include Twitter, YouTube, WordPress, LinkedIn, WhatsApp, Coursera, Udacity, Udemy, Apple, Zoom, Shopify, and others.

The complete list of the companies can be seen in the link down below:

LIST OF DIGITAL SERVICE PROVIDER COMPANIES

Pakistani companies and local digital service providers utilize the services of these renowned social and digital media platforms to boost their businesses through various means. Some digital platforms are used for marketing and communications, while others are used to acquire education and skills.

Many companies and entrepreneurs have faced complications when making payments to these digital services providers. However, the central bank claims to have a mechanism to ease their difficulties through proper banking and legal channels.

Moreover, the transactions to the digital services providers will be documented and traceable.

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