Mobile Commerce is the Driving Force in Banking Sector: Chairman PTA

Chairman, Pakistan Telecommunication Authority, Dr. Syed Ismail Shah has said that mobile commerce has become a driving force in the banking sector and is assuming absolute relevance with every passing day.

Speaking as chief guest at the inaugural session of Third Annual Mobile Commerce, Digital Banking Summit and Exhibition organized by The Professional Network (TPN) in collaboration with a local media group, PTA, SBP and IBA-CED of Karachi, he said there was need for concerted efforts to bring all stakeholders at a single platform.

Dr. Shah on the occasion also emphasized that such events were very effective for promotion of business activities across the country.

While talking to the media, Dr. Syed Ismail Shah said that use of mobile technology in banking sector was increasing tremendously and was a good sign for the economy.

He said Pakistan is among the leading countries in terms of internet/mobile users and the growth in e-commerce business is attracting the global players to invest in Pakistan.

“The foreign direct investment in this sector is playing a key role in country’s economy,” said the PTA Chief.

Irfan Wahab Khan, CEO Telenor Pakistan, while addressing the session, said that 61% of Pakistanis use some form of informal credit channel to cater for short-term financing needs.

Financing gap in the micro-finance industry is estimated at PKR 990 billion, he added while mentioning the success of Easypaisa,

Telenor Bank intends to enhance financial inclusion by offering advanced banking products such as digital loans.

Founder and CEO of TPN, Mehmood Tareen; Founder and Coach at Planet N Group Nadeem Hussain, Executive Director SBP Syed Irfan Ali, CEO Coastals Ateeq Ur Rehman; COO U-Microfinace Bank Kabeer Naqvi; Head of FSI Business Huawei Pakistan Shan Xiaoping, Group Executive Director Telenor Bank Omar Moeen Malik and others also spoke on the occasion.

  • pakistan actually has the lowest internet penetration rates in the region. it’s however one of of fastest growing countries in terms of new users because we are very very behind the rest of the world and only now are our tens of millions of people are getting online. we have a large population of illiterate backward people who are experiencing internet connectivity for the first time in their lives. it’ll take them years to learn how to make productive use of the technology if ever.

    as far as internet banking the country’s banking sector is very fat and risk averse. they make good money borrowing cheaply from households and lending risk free to the government. as a result our internet banking offerings are nothing special. Cash is still king in Jihadistan.

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