No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

FinTech – The Way Forward to Pakistan’s Digitalization

Web Desk by Web Desk
March 15, 2022
in Tech
Reading Time: 3 mins read
Fintechthe way forward pakistan
Share on FacebookShare on Twitter

Fintech companies are providing digital wallets and payment gateways in Pakistan to give financial services, online transactions, and business opportunities.

The new technologies and innovations have rolled out fundamental improvements in traditional financial methods for making rapid money transactions and automating financial services. With such advancement in this area, a financial technology called FinTech was emerged in the 21st century for assisting organizations, banks, and business persons in order to manage their payment transactions and other financial operations.

FinTech – Revolution

Talking of Pakistan, FinTech has offered amazing opportunities and innovation in the banking sector for payment methods, billing, loans, and wages. The penetration of electronic gadgets, digital banking is now much feasible with phone applications and web services. Currently, Digital technologies are the utmost survival for Pakistan struggling phase, and due to branchless banking and enhance payments systems, new startups have acquired robust support on account of the FinTech revolution.

Despite the fragile condition of our economy, FinTech companies are booming in Pakistan due to their convenient nature and fast process. Small startups and SME’s are keenly trying to acquire FinTech services to unlock the new digital services. It is very self-evident that there is a huge potential of FinTechs in SEM’s market since they are developing 90 percent of business around the globe along with more than 50 percent of the employment rate.

Banks are technically considered as Fintechs, but providing feasible branchless facilities to individuals, FinTechs are now playing a significant role in convenient financial transactions which includes mobile banking, money lending, and e-wallets. In Pakistan Telenor Microfinance Banks (Easypaisa), JazzCash, UBL Omni, Konnect by HBL are the major digital links for individuals providing branchless and online financial services. Moreover, other E-money institutions in Pakistan are Finja, NayaPay, SadaPay, and SadaTech, etc are providing an adequate and trustworthy digital financial assistance.

The banking sector of Pakistan has now totally attuned with the importance of FinTechs, that’s why the State Bank of Pakistan (SBP) and Government are trying to further revamp the existing and introduce new digital financial institutions in the country for enhancing the payments infrastructure to accelerate the trend of digitalization. SBP has also launched digital cheques clearing and unified QR codes for payments in Aug 2021.

To give a taste of rapid money transactions, around 45 FinTechs are currently operated in Pakistan, in which 3 are providing lending services and others are only payment-centric for consumers. It is good to see, that we are making progress in the digital sector since it is an essential way forward to a strong economy. To promote the vision of Digital Pakistan, more startups should be launched in the financial eco-system to provide such facilities and enhance the trend of branchless financial transactions.

Read more Articles:

Pakistan departs for World T20

The Most Powerful PCs of 2021 – Route to Gaming World

How to work on Amazon in Pakistan with zero investment

Best Business Ideas in Pakistan with a Small Investment in 2021

Vivo’s New Model Prices in Pakistan 2021

Related

Web Desk

Web Desk

Related Posts

Apple will introduce a new premium iPhone Ultra, How much it will cost in Pakistan?
Smart Phone

Apple will introduce a new premium iPhone Ultra, How much it will cost in Pakistan?

February 8, 2023
Whatsapp Lets Users Add Voice Notes As Status Updates
Tech

Whatsapp Lets Users Add Voice Notes As Status Updates

February 8, 2023
OPPO Leads the Smart Future through its Innovation led Technology Showcased in Pakistan
Corporate World

OPPO Leads the Smart Future through its Innovation led Technology Showcased in Pakistan

February 7, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

People of Pakistan are facing identity crisis, says Faysal Qureshi

People of Pakistan are facing identity crisis, says Faysal Qureshi

by Zain Aijaz
February 8, 2023

Reknowned name of the Pakistan entertainment industry, Faysal Quraishi has highlighted the fact that the country is facing an identity...

Andy Flower

Andy Flower previews HBL PSL 8 for Multan Sultans

by Press Release
February 8, 2023

LAHORE: Multan Sultans made their HBL Pakistan Super League debut in 2018 and have established themselves as the most successful...

Aaqib Javed previews HBL PSL 8 for Lahore Qalandars

Aaqib Javed previews HBL PSL 8 for Lahore Qalandars

by Press Release
February 8, 2023

LAHORE: Lahore Qalandars had a stunning run in the last edition of the HBL Pakistan Super League, which culminated in...

LHC suspends de-notification of 43 PTI members

Lahore High Court suspends Raja Pervaiz Ashraf ruling to accept resignations of 43 PTI MNAs

by Zain Aijaz
February 8, 2023

  On Wednesday, the Lahore High Court (LHC) came into action to suspend the ruling of National Assembly Speaker Raja...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.