Islamabad: The State Bank of Pakistan (SBP) on Thursday introduced an international payment system for local companies and freelancers to conduct transactions for obtaining advertisement and e-commerce services, a news source reported.
Using the international payment system, local companies and freelancers would be able to make payments worth USD 200,000 or equivalent in other currencies via authorised dealers. This payment limit would be applicable on commercial payments to digital service provider companies on an annual basis.
SBP categorised authorised dealers as commercial banks, exchanges, and money transfer services. The central bank further revealed that out of the total annual limit, a maximum amount of USD 25,000 could be remitted to digital service providers others than those approved. Interested individuals can find the complete list of approved digital service providers for this service on SBP’s official website.
Sources have revealed that local companies and freelancers use the services of these digital platforms for marketing and communications, along with acquiring online education courses and skills. They added that the payments via the new system would be documented and traceable.