With the expansion of high-speed broadband internet services, the use of internet and mobile banking is on the rise in Pakistan.
The migration of people from features phones to smart phones could increase the current level of utility of banking and digital services in the country.
Besides, the mass awareness and incentivized campaigns by banks could improve the level of adoption of financial and banking services in the country.
Meanwhile, mobile phone users in the country have crossed 150 million marks by end June 2018, latest stats published by pakistan Telecommunication Authority said.
In Pakistan, 19 banks are providing Mobile Phone Banking facilities to their customers, with the number of registered Mobile Phone Banking users reaching 3.1 million by the end of March 2018.
These users processed 5.9 million transactions valued at Rs112.8 billion via Mobile Phone Banking apps. These transactions depicted a quarterly growth of 12.2% and 23.0 % in volume and value of transactions respectively.
An official of IT ministry said mobile-banking services are not only providing convenience for customers but it is also helping banks and organizations in reducing their cost of doing businessthrough a gradual spread of electronic payment systems in Pakistan.
He said internet and mobile banking has resulted in massive time savings. Furthermore, it has also reduced the use of cash or paper Currency in the country. A significant number of customers now connect their bank accounts online and make transactions electronically in a few minutes.
With the expansion of high-speed broadband internet services there is a need to create awareness among customers to use these banking modes through incentives and minimal service charges, he added.
Besides, the online banking system should be strengthened and secured to make sure that customers' data and money will be protected from any losses.
Online payment solutions should be provided to customers to meet their financial needs, such as the recently launched online tax payment option by FBR and SBP.
Source: https://www.urdupoint.com/en/pakistan/growth-in-broadband-depicts-impact-on-mobile-403685.html