Mobile banking on the rise in Pakistan: People embracing digital technology
For internet revolution, people want institutions like Paypal to operate in Pakistan.
(Web Desk) – Conducting business over the internet is a common practice now. Businesses or countries that do not embrace internet wholeheartedly have to bear financial as well as non-financial loss. Interestingly, people and organizations are much more conscious of the need of internet and now mobile technology. This is the reason that transactions through mobile phones have mounted to an unexpected number. According to the report of State Bank of Pakistan, phone banking has increased to 195 per cent in the country.
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Pakistan is among five countries that are generating more money through the provision of online services. Overall internet has caused a huge benefit to the economy and it is believed if steps at the right directions are taken under PTI government, it would generate billions.
Most of the usage of this banking has been done for transferring amount. A total of five millions transactions were carried out in which an amount of Rs196.4 million was transferred to another. In the previous year more than Rs489 billions were transacted through phone banking, and this year, an increment of 28 per cent was observed.
There is a huge potential in Pakistan people especially the youth. They are direly waiting for government to make online banking more safe and secure. Once they are assured of it, unlimited amount of money through digital transactions will inject in the economy. In this regard, international investors are eagerly confident that the new government of PTI will safeguard investors’ interests.
Entry of international financial institutions
On the other side, young people who are working for international organizations and are providing their services online want government to force international financial organizations like Paypal to initiate their operations in Pakistan so that more and more foreign exchange could become part of economy. Pakistan is among five countries that are generating more money through the provision of online services. Overall internet has caused a huge benefit to the economy and it is believed if steps at the right directions are taken under PTI government, it would generate billions.
Edited and translated by Junaid Ali Malik
