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UBP accounts for over one-third of mobile banking volumes and a quarter in that of internet banking. A lot of discussion on digitisation in Pakistan inevitably gets either technical or hypothetical. Unfortunately, this diverts attention from the most important aspect: ensuring that any innovative solution reaches the masses and becomes part of their daily lives. This is what Careem or Bykea managed to do successfully. Simplifying an average person’s routine tasks and responsibilities is where the digitisation efforts should focus on e.g. making it seamless to get your degree verified or ordering a cab. Bill payments fall exactly under that category. Data from the past few years shows a major spike in the use of digital channels. ....
Digital payments are quite a buzz these days. Pick an unemployed graduate from a private university at random and there is a high probability he will tell you about his “disruptive” fintech, which will soon transition Pakistan away from a cash-based economy. When that’s going to happen is anybody’s guess. The more important question is: how will that come about? After all, digital has many roads, some more sophisticated than others. From internet banking and QR payments to point-of-sale (PoS) machines and mobile wallets, where does our answer lie? Is there a prescribed path or should we attack from all fronts? ....