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Banks Can Now Charge Fee on Interbank Funds Transfers

Banks Can Now Charge Fee on Interbank Funds Transfers
propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.

Raast: the force multiplier - Newspaper

Since its creation, Pakistan has only seen two major innovations in the payment space. The first happened in 2008 when Tameer Bank in conjunction with Telenor launched the ‘Easypaisa’ service. The transformation of Kiryana stores into branchless banking agents suddenly made domestic payments convenient, secure and transparent. About 90,000 locations were available for consumers as opposed to 12,500 bank branches. Easypaisa was followed by many other players and the over-the-counter service was upgraded to mobile wallets. This was huge from a financial inclusion perspective as currently there are more than 46 million wallets and over 10 per cent of our GDP being moved in transactional volume.

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