Plastic money users double to six million

Importance of strong financial management knowledge grows as portfolio of plastic money users in the country doubles.

KARACHI: The importance of strong financial management knowledge has grown as the portfolio of plastic money users in the country has doubled over the last three years to approximately six million, said Country Manager Visa Pakistan and Afghanistan Amer Pasha.

At a financial literacy workshop, organised at the Karachi Press Club on Monday, Pasha said that knowledge of financial management is pivotal to lift the country out of its present status and towards better and improved standard of living.

He said: “Even the have-nots can manage their finances better with a little education and awareness and improve their lifestyles. As more and more people use debit and credit cards, the percentage of people using plastic money is getting higher and we aim to target them.”

Pasha said that educating the people is essential so that they know how to manage their finances wisely and Pakistan does not run into the list of defaulters as witnessed by some other countries.

Visa Corporate Communications Manager in the Middle East Lama Kabbani, during her presentation, explained that expenditures should be kept as simple as possible and strictly within one’s range to manage personal finances effectively. She said that educating young people on managing expenses wisely should be the main target as they are the real consumers of tomorrow. She said that it is pivotal for one to think whether they have the ability to afford their expenses or not and how they can repay the money back, if using plastic money.

As part of its programme, Visa has plans to launch a localised version of its dedicated financial literacy website to help people of all ages to strengthen their knowledge of personal finance.

Published in The Express Tribune, February 8^th, 2011.