{"id":3055,"date":"2025-01-23T15:19:38","date_gmt":"2025-01-23T10:19:38","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=3055"},"modified":"2025-01-23T15:19:38","modified_gmt":"2025-01-23T10:19:38","slug":"fbr-hinders-qr-code-payment-adoption-in-pakistan","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=3055","title":{"rendered":"FBR Hinders QR Code Payment Adoption in Pakistan"},"content":{"rendered":"

Islamabad:<\/strong> The Federal Board of Revenue (FBR)<\/a> has been identified as a major roadblock to the implementation of QR code-based payment systems in Pakistan, the Senate Standing Committee on Finance was informed on Wednesday.<\/p>\n

According to an industry expert, Pakistan lags significantly behind other countries in adopting QR code technology, primarily due to merchants’ reluctance to integrate the system. The expert attributed this hesitation to tax-related complications caused by FBR, stating that merchants often receive tax notices after installing QR code payment systems, which creates a sense of panic among them.<\/p>\n

\u201cThe emphasis on taxation over facilitation has created significant barriers to onboarding merchants. Completing forms and opening bank accounts has further hindered the widespread adoption of QR code payment<\/a> systems,\u201d the expert informed the committee.<\/p>\n

The expert stressed the importance of equipping every merchant with QR code payment systems to ease payment transactions and boost digital<\/a> financial inclusion in the country.<\/p>\n

In response, the Finance Committee directed the Ministry of Finance and the State Bank of Pakistan (SBP)<\/a> to submit a detailed progress report within six months outlining steps taken to resolve these issues and promote QR code adoption across Pakistan.<\/p>\n

No Refinancing Schemes for Electric Vehicles:<\/strong>
\nSeparately, the Deputy Governor of the State Bank clarified to the Senate Committee that the central bank would not introduce refinancing schemes for electric vehicles. The official explained that such programs could only be initiated through the Export-Import (Exim) Bank.<\/p>\n

The committee’s directives and discussions highlight the challenges facing Pakistan\u2019s digital payment<\/a> ecosystem and the need for effective measures to address them.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) has been identified as a major roadblock to the implementation of QR code-based payment systems in Pakistan, the Senate Standing Committee on Finance was informed on Wednesday. According to an industry expert, Pakistan lags significantly behind other countries in adopting QR code technology, primarily due to merchants’ reluctance […]<\/p>\n","protected":false},"author":1,"featured_media":3056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t