Technology

Over 42 Million Pakistanis Use Plastic Money

The people of Pakistan are moving towards smart ways for payment solutions to avoid carrying cash everywhere they go. The numbers have crossed 42 million users.

Private banks have played a great role by providing them with easy payment services to store in the banks. Banks have been giving free debit cards to every customer when they open their account. If a card owner wants to increase the limit of withdrawal with each transaction, that would cost an annual fee.

There are multiple benefits customers get while using the cards for shopping in the malls and eating foods in restaurants, different discounts and offers they get from big brands. According to the report almost 49.3 million transactions worth of Rs. 560 billion in 2019.

The stats released by State Bank of Pakistan says that credit card users stand at around 1.6 million, ATM cards are 8.06 million, however, the debit cards are most as the stands at 23.9 million which is more than 50% of total card users. The rest are using social welfare cards such as Benazir Income Support Programme cards. These users are estimated to be 7.7 million respectively.

Banks are making the payment system convenient for customers by introducing new features, following the digitization of the world. They have introduced mobile banking which is more convenient for people.

Fawad Chaudhry, the Federal Minister for Science and Technology is fulfilling his promise by replacing debit & credit card with a mobile payment system. He has recently announced that Pakistan is going to develop its own E-Payment Gateway.

Sponsored
AbuBakar

Share
Published by
AbuBakar
Tags: Banking

Recent Posts

‘Pak Hajj’ Mobile App Launched to Assist Pilgrims

A new app called "Pak Hajj" has been released by the Ministry of Religious Affairs…

13 hours ago

Federal Govt Announces Holiday for Schools Amid PTI Protests

ISLAMABAD: The district administration has declared a school holiday for tomorrow in the Federal Capital…

13 hours ago

WhatsApp Faces Restrictions in Pakistan, Confirms NetBlocks

NetBlocks, a renowned global organization monitoring internet activity, has reported that WhatsApp has been blocked…

13 hours ago

PTI Urges Elon Musk for Starlink to Address Internet Connectivity in Pakistan

The Pakistan Tehreek-e-Insaf (PTI) has publicly appealed to Elon Musk to introduce Starlink internet services…

18 hours ago

PTA Set to Initiate Second Phase of Crackdown on Unregistered VPNs

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has reportedly started testing a new national firewall to…

19 hours ago

13.6% Fall in Pakistan’s Mobile Imports in FY25’s Early Period

During the first four months of the current fiscal year 2024-25, the government imported mobile…

20 hours ago