Pakistan’s financial market is going to have three new arrivals in FonePay, Monet and TPL Rupya which could result in an increase in the businesss-to-consumer e-Commerce. This has been highlighted by country’s central bank State Bank of Pakistan (SBP).
A rise in incomes and advanced changes in the technology used in communication coupled with improved internet access and online banks has enabled the sector to move forward with a real strength.
People will have the ability to make online transactions thanks to the new financial technology (fintech) to those who have any kind of mobile wallet accounts – something that cannot be done at this moment in time. The boost in Pakistan online payments will have good impact on the businesses.
There will be around 4 million jobs added by Fintech as well as almost 100 million bank accounts and over $35 billion contributed annually to the gross national product (GNP) while the Pakistan government will receive $7 billion which will be added to its net revenue by 2025.
There are currently 7 million bank accounts currently which puts it on track and this also includes 1.8 million traditional accounts that have been built up over 50 years. However, there are 5.2 million mobile accounts that have been created in five years.
This is down the fact that traditional bank accounts increase in proportion with GNP while mobile accounts can increase at any given rate. The central bank has a target of 50 million accounts which they hope to reach by 2020 and currently that looks like it is achievable.