Pakistan is planning to introduce a new Unified Payment System (UPS) that will allow importers and exporters to pay customs duties, taxes, and other trade-related charges through a pre-funded digital wallet.
The Pakistan Single Window (PSW) is developing the system to make cross-border trade payments easier, faster, and more transparent. The wallet will be operated by a licensed bank or fintech company under a framework approved by the State Bank of Pakistan (SBP).
Under the proposed system, traders will be able to add funds through inter-bank fund transfers (IBFT), Raast, banking apps, online portals, and over-the-counter deposits. They will also be able to withdraw funds remotely.
The wallet will allow businesses to make payments against payment advice generated through PSW-linked services, including customs clearance, maritime trade, port operations, and air cargo systems.
A licensed service provider will manage customer funds, deposits, withdrawals, refunds, and payment settlements. PSW itself will not directly hold or manage customers’ money.
The new wallet will be introduced as an additional payment option alongside existing Pre-Deposit (PD) accounts and banking channels. Existing PD accounts will not be replaced or transferred to the new system.
The initiative is expected to help traders manage multiple payments through a single balance, track transactions, and improve payment reconciliation, making Pakistan’s cross-border trade processes more efficient.
