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What is the Reason of Pakistan Banks Refusing Wire Transfers from Payment Gateways

What is the Reason of Pakistan Banks Refusing Wire Transfers from Payment Gateways

We don’t have PayPal or other resources for payments gateways on which we rely if you want to accept international payments in Pakistan, a source like 2checkout is the only hope for Pakistan.

2checkout is the only platform preferable for the online business persons, it’s just like a pre-paid version, they allow a person to use a credit card for the payments, performs due diligence on the transactions aggregate them and then directly wire the payment to the owner account.

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There is a diverse community including developers, programmers, e-commerce stores owners, housewife selling creative things and using 2checkout for the payments.

Now the local banks have decided not to process all aggregated transactions anymore. It is like Pakistan is taking all the opportunities from Pakistan peoples earning online or offline instead working on the security and make it powerful so they would not take decisions like this in future they are backing off and making it hard for the Pakistanis.

There are 10,000 customers of 2checkout in Pakistan alone, now who is responsible for providing such a cringe situation for the customers.

What is the main reason for banks refusing Aggregated Payments?

There are two reasons we think might be in banks consideration, One the margin is low on these payments and the other is Anti Money laundering regulations. The aggregated payments need a lot of work to monitor every single transaction that usually put a lot of work on the organization.

Banks are showing less interest in taking payments responsibilities from aggregated transactions as they consider it to be a lot of work with little reward in return.

The people of Pakistan need an official statement about the future implementations but the banks are totally refusing it, but there is an issue exists. And as the State bank of Pakistan did not still provided any notification. It is also cleared that the issue exists from the Bank’s side, not with the State bank of Pakistan.

The higher Authorities needs to step forward for the immediate notice of rectifying this issue because there are several online freelancers, and women’s totally based on the online earnings for the basic needs and for families. Do not drag them into more hard situations as there are less to no opportunities for the peoples as well in Pakistan.

About Jahanzaib Khan

Jahanzaib Khan is the CEO of JahaSoft.Pk A Web Development, Digital Marketing & Web Hosting Company Based in Pakistan. https://www.JahaSoft.pk

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