The talk of a digital Pakistan is not just talk. We do not say this because there has been some seismic shift in the country because of government policies that have encouraged the use of technology but because the people of Pakistan have adopted tech more with curiosity than with caution.
Only a few years ago sceptics were abounc claiming that Pakistan had no future in the digital payments market because people were too used to cash only transactions. The numbers have since proven this theory wrong. With digitalization at its early stages, the 3G/4G penetration rate in the country stands at 35.21%, which means more than 74 million subscribers are connected – numbers that are supposed to continue to swell. Over the past few years, this permeability has meant that banking through phone applications has become more common too.
Pakistan’s digital economy is growing fast and consumers might be catching up with the trend faster than designers and digital departments have the capacity to keep up with. According to the State Bank of Pakistan, FY 2020-21 witnessed 287 million mobile and internet transactions, with a value of PKR 10.5 trillion. Compared to the previous year, this was an increase of 106% and 124% in volume and value of transactions respectively. In this same time-period, the volume of e-commerce transactions also doubled.
In Pakistan, 27 banks are currently offering internet and mobile banking services. The number of registered users increased almost 7% to 3.8...
Read Full Story: https://profit.pakistantoday.com.pk/2022/05/07/dear-banks-its-time-to-go-digital-first/
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