The State Bank of Pakistan is developing a mobile app to allow financial transactions across the country.
This was announced by SBP Executive Director Syed Samar Hasnain at the event that announced the rebranding of Tameer Microfinance Bank to Telenor Microfinance Bank.
It will be called “Asaan Mobile Account” and will provide a single platform for people holding different bank accounts and mobile networks to conduct transactions with anybody. The app will be launched in June 2017.
Works for Smartphones and Feature Phones
The app will not be limited to smartphones only. Feature phone owners will be able to use the app as well, according to Mr. Samar. He added,
People could pay their utility bills, while firms could disburse salaries and pensions via that application. The application would also help people make payments to their dry cleaner, milk vendor, barber and etc. Transactions would definitely have financial limitation and caps.
Asaan Mobile Account will also let you open your account in just 2 minutes. The whole procedure will cost Rs. 10, for verifying account details.
NADRA Collaboration
SBP Executive Director said that the cost (for account opening, detail verification) has been reduced to Rs. 10 from a higher price (previously it was above Rs. 20). National Database and Registration Authority (NADRA) chairman will be cooperating with this project and will share its database for info verification purposes.
SBP’s goal of providing banking access to 50% of the adult population by 2020 will be furthered by this project, according to Mr. Samar. He added that the number of branch-less bank accounts has increase 3.7 times since last year.
80 Million People Don’t Have Access to Banks
At the event, Telenor Microfinance Bank CEO, Ali Riaz Chaudhry said that 100 million people in Pakistan are involved in some sort of economic activity while 80 million of them don’t have access to money and bank accounts.
Mr Ali also added,
We have set a target of providing access to money and banks to some 50 million people in the next three-four years. 20 million people transferred money worth Rs200 billion via Easypaisa in the last one year.
Good initiative..
now bribe will taken via electronics app
In that case, bribe can be proved in court via money trail.
Amount of money transferred via Easypaisa shows incapability of State Bank of Pakistan as it failed to provide environment for easy access to banking services.
In fact state Bank on purpose did all to restrict banking services to public by asking too much in documentation, a Pakistani on visit to foreign countries can open bank accounts but they can’t this in Pakistan, at least not so easily.
Besides this capping of a few thousands for what? They don’t trust people or system or organizations? How many will do transfer for illegal activities? Why majority should suffer? Which clerk comes up with these silly ideas?
Direct transfer to bank account in Pakistan is easy from overseas without any cap then why not within Pakistan?
Online shopping is a nightmare for Pakistanis, even a customer wants to have his credit or debit card open for online purchases accepting the risk he/she can’t, because in the name of security banks get chance to charge you a good amount of money, currency conversion, 2.5% on amount used plus fixed fees. Many other options used internationally are intentionally not made available to customers.
Need to extend this concept further through national unified Payment platform and also include debit/credit cards.
Very good move by State Bank of Pakistan. It will definitely change the lives.
initiative towards banking the unbanked sector of Pakistan. Make every Pakistani holding CNIC pay tax, and stop borrowing from IMF. Every Naswar, Pan, Katha, Choona should be sold at discount if paid by Telenor Microfinance Bank. But Telenor has to accountable for their support centers without reason. this should be revived.
Revolution of money its fainal revolution pymet methode
This has already been done in India with name UPI (Unified Payment Interface). SBP is just copying it from neighbor.
Anyway, good step!