Developments in branchless banking across the country have been so tremendous during the past 5 years that there is no doubt today about the potential of mobile phone banking to be a game-changer in banking and m-commerce.
According to SBP report the third quarter of the calendar year 2013 came to a close with almost 52 million branchless banking transactions, which led total value of transactions to reach
While the growth and uptake of the MFS services are rapid, the focus of the consumer is OTC services. According to
"The reason behind the nominal uptake of Mobile Wallet services is the lack of trust of consumer in handling money from their mobile phones.
Mobicash has a clear vision of increasing awareness and ensuring transparency for the consumer in the Mobile Wallet product to increase its uptake." Aniqa said that the industry has seen a 2pc growth in M-wallet uptake in 3Q13 over the previous quarter taking M-wallet users in
Mobicash, with 30,000 retailers is the fastest growing and possesses the 2nd largest footprint of MFS retailers in the country. This growth has come about in just over a year of launch of Mobicash. About the challenges in the MFS Aniqa said creating awareness is the major challenge.
The need today is to enhance financial inclusion and create awareness in every nook and corner of the country which is only possible through a robust network of carefully chosen retail partners.
Experts see Mobile Accounts as the most major revenue stream for the MFS industry which works as a bank account in the consumer's phone. Mobile accounts can be opened as Level- 0 with
Currently 85pc of the population does not have access to a formal banking system and they are dependent on undocumented ways for transacting money causing major loss to the economy. By pulling the informal transaction into the formal market, MFS helps boost the economy through tax payments, reduces illicit payments and prevents money laundering, Aniqa said.
The State Bank of
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