The principal purpose of this Cyberletter is to inform its readers of the latest developments in the financial industry of Pakistan, particularly in the realms of Financial Inclusion and Digital Financial Services (DFS), where efforts are being undertaken by both private and government sectors.
The third issue of FinDev explores the phenomenon of Expansion of Digital Payments Systems.
Highlights of the issue:
- Plastic money usage on rise; payment cards’ number rises drastically in Pakistan
With the rise in awareness regarding digital payment systems, the number of plastic money (cards) issued in Pakistan has ascended by 8.8% in a year to 36.6 million in June 2017.
- JS Bank & Wemsol Pvt join hands to promote E-Commerce via Keenu NetConnect
JS Bank and Wemsol Pvt Ltd have collaborated for a strategic partnership for Keenu NetConnect to promote e-commerce in the industry by digitizing payments.
- Collection of government taxes: SBP, FBR and 1-Link enter deal
The State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR) and 1-Link have signed an agreement to develop a mechanism to facilitate the public in paying their FBR taxes and customs duty using internet banking and ATMs.
- Amazon’s Cashier-less store is almost ready for Prime Time
Amazon is introducing high-tech grocery stores where consumers would be able to walk in pick up items and then pay for them through their Amazon accounts, avoiding standing in line at a cashier.
- Centre pushes for cash-free campuses
The Ministry of HRD India is pushing to switch all financial transactions to digital payments in the premises of higher education institutions across the country.