By mid-2018: With Fintech, Pakistan set to dismantle barriers to branchless banking
KARACHI:
Fintech is all set to revolutionise Pakistan’s financial sector in upcoming months as the telecom regulator is taking steps to facilitate online transactions across all mobile phone networks just like making a phone call from one network to another.
Fintech (financial technology) is an electronic platform that will enable users to make financial transactions from one platform to any account-holders on other mobile phone networks all over the country.
So far, such online transactions were not possible because of the absence of inter-operability across the telecom network.
At present, Telenor’s Easypaisa, Jazz’s Mobicash and United Bank Limited’s Omni are providing mobile-based branchless banking services. However, their customers cannot transfer money from one service to another.
Published in The Express Tribune, January 7th, 2018.
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