Mobile financial services go for revolutionary trends

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STAFF REPORT IBD: Mobile financial services have revolutionized the way of life as they have built a set of technology and service capabilities to address those challenges which are faced by traditional banking or financial service sector. Mobile financial services primarily include two broad categories of services – branchless banking via mobile phones, and mobile banking as a channel for financial services.

According to a fresh study of the Boston Consulting Group, mobile financial services in Pakistan are growing at a very fast speed as the number of such mobile accounts which is also called mobile Wallets has reached to 1.4 million by 2012, that shows 156 Percent growth as compared to last year.

The State Bank of Pakistan data shows that the mobile banking of Pakistan dealt more than 31 million transactions worth $1.5 billion last year.

The 1.4 million mobile accounts are indeed very small number because the cellular mobile subscription in the country is across 120 million which shows that there is still a very huge potential of mobile banking in Pakistan.

The successful adoption and rollout of mobile financial services in Pakistan regulation, distribution network, customer education and the partnership between the stakeholders need to exist.


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Short Link: http://www.technologytimes.pk/?p=10341