Media Matters Pvt. Ltd., one of the leading PR agencies in Pakistan, celebrated International Women’s Day with a webinar attended by a host of prominent
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Digitizing Payments in Pakistan: Barriers and Challenges
By Subul Naqvi
The development of new technologies brings along countless possibilities for new innovations reshaping our everyday lives. Smartphones no longer only serve as a medium just to communicate but rather to operate as a multifunctional device enabling consumers, for example, to perform all kinds of financial services via their smartphones.
The possibility of using smartphones for proximity mobile payments and payments at a point-of-sale (POS) in a store offers an alternative to cash.
However, until now, most of the people in Pakistan rely on cash payments referring to it as more convenient and safer than any other medium available. During March 2020, Pakistan’s cash in circulation stood at over 40% whereas in India and Bangladesh, the percentage was less than 15%.