Mobile Banking Emerging Rapidly In Country

Pakistan is now one of the countries with incredible growth in the market of branch-less & mobile banking because of its quicker pace throughout the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 27th Nov, 2017 ) :Pakistan is now one of the countries with incredible growth in the market of branch-less & mobile banking because of its quicker pace throughout the country.

Consumers belonging to any bank and mobile operator would have the freedom of managing their finances when and where they want. All banks and mobile operators would be able to connect with each other resulting in a situation where any bank customer can access their accounts, transfer funds, and interact with all other bank customer using mobile connection.

These services have empowered mobile subscribers to deposit and withdraw cash, make utility bill payments, send or receive money, purchase mobile card vouchers, make postpaid mobile bill payment and much more by using diversified array of convenient channels.

A Bank official Sadia Sohail told APP, beside the benefits and convenience created for the consumers, commercial banks will witness reduced costs on branch maintenance and resources. It will also increase the profit margins of Banks and further encourage them for the development of innovative banking techniques in the industry.

The government is further encouraging innovation by encouraging the use of branchless banking to distribute government payments. For example, NADRA has designed a distribution platform e-Sahulat to provide online payment and collection facility for the general public as well as for organizations.

A student Ali Minhas said, services offerings like m-commerce over mobile networks have far-reaching effects. Mobile banking services make your life easy in this busy era. According to an official statement, It is also expected that the percentage of Pakistan's adult population using mobile financial services could go up from the current 2% to 35% by 2020.

Major players of banking and cellular phone are entering into this financial sector are Easypaisa by Tameer Microfinance Bank, Mobicash by the partnership of mobilink & Waseela microfinance Bank ,Omni by United Bank Limited Timepey Service by zong and Askari Bank and Upayment by Ufone & HBL, Summit Bank, Soneri Bank and Bank AL Habib.

Under this model, all banks and all operators could join hands to offer services to virtually all bankable customers.