State Bank empowers Pakistani freelancers with digital wallet
solutions
State Bank's Game-Changing Move for Pakistani Freelancers In a groundbreaking development, the State Bank has unveiled a game-changing framework that allows Pakistani freelancers to maintain their earnings in dollars through Exporters’ Special Foreign Currency Accounts. Simultaneously, Sadapay has set a new standard by integrating with Apple Pay and GPay, making it easier for freelancers to receive payments directly into their digital wallets. This marks a significant shift towards digital financial services in Pakistan's tech-savvy community.
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However, amidst these promising advancements, challenges
loom as several Electronic Money Institutions (EMIs) have left the industry.
Notably, half of the 12 previously approved entities are no longer in
operation.
The Exodus of EMIs
and Its Implications The wave of EMI exits began with TAG's license
revocation due to fraud, followed by YAP's quiet departure due to financial
troubles. Recently, Finja sold its EMI business to OPay, shifting its focus to
lending. Additionally, Careem and Checkout withdrew their applications, and
Zong’s PayMax joined the list of departed EMIs.
Unlocking the
Potential of Cross-Border Payments for Pakistani Freelancers Pakistan's
challenging economic landscape, marked by currency depreciation, inflation,
export challenges, and limited access to capital, has had a profound impact on
the ICT industry. This has influenced costs, consumer demand, resource
availability, and market conditions.
Bank
of Punjab spearheading banking for freelancers
The introduction of Exporters’ Special Foreign Currency
Accounts and the integration with digital wallet platforms by Sadapay offers
Pakistani freelancers a host of advantages.
This integration streamlines the payment process, offering
freelancers a convenient and efficient way to receive payments. It eliminates
the complexities and time-consuming aspects of payment procedures, enabling
freelancers to access their earnings promptly.
Furthermore, this shift to digital wallets reflects the
growing adoption of digital financial services in Pakistan. As the population
embraces modern payment methods, freelancers benefit from enhanced
accessibility and security.
Digital wallets can also lead to reduced transaction costs,
saving freelancers from fees associated with traditional banking and currency
conversion. This means freelancers retain a more substantial portion of their
earnings.
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Moreover, digital wallets enhance financial inclusion for
freelancers, providing access to a wider range of financial services and
streamlining fund management.
Efficiency and Speed
in Financial Transactions Digital wallets bring efficiency and speed to
financial transactions. Freelancers can quickly access their funds, a crucial
factor for those who rely on timely payments for their livelihood. In summary,
Sadapay's integration with Apple Pay and GPay, along with the adoption of
digital wallets, offers Pakistani freelancers a range of benefits, from
convenience and cost savings to enhanced security and financial inclusion.
Crucially, digital wallets now enable cross-border payments,
opening up new opportunities for freelancers in a segment that is witnessing
early growth and product development. Additionally, this development provides
an extra source of funding for the finance ministry, which is often
cash-strapped.
Source: Phoneworld.com.pk