Pakistan Single Window (PSW) is planning to introduce a digital wallet that will allow importers and exporters to pay customs duties, taxes and other trade-related charges through a pre-funded account.
The proposed Unified Payment System (UPS) will allow traders to deposit money in advance and use their wallet balance for payments across different trade-related services.
The wallet will be operated by a licensed bank or fintech company under a framework approved by the State Bank of Pakistan (SBP). It will use existing banking and payment infrastructure instead of requiring a separate payment system.
How the Digital Wallet Will Work
Importers and exporters will be able to add money to their wallets through inter-bank fund transfers (IBFT), Raast, banking applications, online portals and cash deposits at bank branches. They will also be able to withdraw funds remotely.
Payments will be made against payment advice generated through the PSW system. The facility will cover multiple platforms, including the Pakistan Single Window, Maritime Single Window, Port Community System, Air Community System and Customs Clearance System.
The bank or fintech operating the wallet will be responsible for managing customer funds, deposits, withdrawals, refunds, payment reversals and settlements. It will also conduct customer verification and anti-money laundering checks.
PSW will not directly hold or manage traders’ money. Instead, the wallet provider will connect with the PSW ecosystem through the Unified Payment System.
The arrangement will also allow PSW to bring additional banks and payment service providers into the system without making major changes to its existing infrastructure.
What Changes for Importers and Exporters
Currently, traders make payments through Pre-Deposit (PD) accounts and existing banking or payment gateway arrangements.
The proposed digital wallet will offer another payment option rather than replace these arrangements. Existing PD accounts will remain operational and will not be transferred to the new system.
The biggest benefit for businesses will be the ability to maintain a single reusable balance for different trade-related payments.
Instead of arranging separate payments each time, importers and exporters will be able to deposit funds in advance and use them whenever charges become due.
The system will also provide transaction records, payment settlement details and reconciliation information, giving businesses better visibility over their payments and potentially reducing delays in trade-related transactions.
