Rise of digital payment

Letter September 21, 2020
The surge in the adoption of digital wallets will help pave the way for a digital future

Over the last few years, the global digital payment landscape has undergone a structural shift. Consumer behaviours are changing and people are now moving toward contactless and cashless transactions. In the meantime, the spread of Covid-19 is rapidly increasing, helping this trend to accelerate beyond expectations. The latest statistics highlight the success of the digital payment ecosystem, and its growth is significantly impacting Pakistan’s economy. Cash is not the king anymore; in fact, the economies that rely on cash tend to grow much more slowly and miss out on much of the financial benefits. On the contrary, economies that switch to digital payments are more successful in the long run.

Pakistan has two top players, Easypaisa and JazzCash, when it comes to digital payments, while others including UBL Omni and HBL Connect are following in their footsteps. This clearly shows how the trend of digital banking is steadily increasing, and people are now more comfortable in making transactions digitally. The surge in the adoption of digital wallets will help pave the way for a digital future.

 

Syed Ali Hadi Bilgrami

 

Published in The Express Tribune, Septe0mber 21st, 2020.

Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces.