Now a day’s diaspora prefers to send money to Pakistan through a mobile application. The COVID-19 pandemic has affected, if not completely changed, almost every part of our lives. Countries were pushed to the brink of failing health and economic structures in 2020, and the challenges are far from being solved with the start of the New Year.
The State Bank of Pakistan (SBP) reported in its Payment System Review for the first quarter (July-September) of the fiscal year 2020-21, published on Thursday, that “the increase in digital payments and mobile banking channels has been very promising.”
While most industrial industries failed to cope with the pandemic’s problems, the world as a whole saw a massive increase in the adoption of new technologies. The pandemic-induced technological revolution thrust the global banking sector into the spotlight, and Pakistan’s banking industry was no exception.
Between September and November 2020, the total number of online banking users in Pakistan increased by 36 per cent to 13.22 million, according to SBP statistics, compared to the same time last year. After the outbreak of the coronavirus pandemic, digital banking has grown in popularity in Pakistan, according to the central bank, which recorded 253.7 million online money transfer to Pakistan worth Rs19 trillion in the first quarter of the current fiscal year.
What Do You See The Future Of Pakistan In Digital Finance World?
In the global digital world, Pakistani banks have a bright future. People are becoming more financially literate, regulators are inclusive and adaptive, and the masses tend to be more inclined to embrace digitalized banking as a way of life. Money transfer agencies are adapting to the improvements and changing their operating procedures by reducing paper documentation; people are becoming more financially literate; regulators are inclusive and adaptive;
The masses appear to be more inclined to adopt digitalized money transfer to Pakistan as a way of life. Pakistan is well placed in the digitalized age of banking, thanks to the dedication of all stakeholders to ensure quality, accountability, and reduced risk for bank customers and the government’s support for infrastructure upgrades.
The Bottom Line:
Because payment services have grown among the people, rising digital literacy and technology availability are producing long-term positive results. About 6 million bank customers are now using digital technology to send money via tablets, laptops or desktops, and mobile phones in Pakistan.
Substantial time savings have resulted from the use of digital payments. It has also reduced the use of cash and paper currency in the world. Customers are increasingly connecting their bank accounts online and sending money to Pakistan online in a matter of minutes.