• Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Library
  • Touch Base
Subscribe
CW Pakistan

Computerworld Pakistan

CW Pakistan
  • Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Library
  • Touch Base
  • Computerworld

How the digital sphere is evolving to allow new modes of payments

  • August 17, 2020
  • Content Desk
Total
0
Shares
0
0
0

Yasum Mirza offers insight into the digitization of conventional avenues of payments in the country, as online systems see a surge amidst the pandemic.

Yasum Mirza, Chief Business Officer at Access Group (DigitalPass), recently sat down for an exclusive Q&A session, with the Daily News Pk Editor in Chief, to talk about the effect of COVID-19 in their business and on the financial sector in Pakistan.

“The situation has challenged the existing financial practices and has brought in new opportunities as well”, he said.

On imagining the financial sector in a post-COVID world, he said, “In a way, COVID-19 has given a much-needed push to the consumers to opt for cashless and contactless payment methods in their day-to-day transactions.” He kept an optimistic outlook as he emphasized that the pandemic had reshaped consumers’ behaviors.

He talked about how the new guidelines and practices had evolved to make sure that businesses kept running smoothly under stressful circumstances, with startups releasing new innovative digital payment ideas that seem to have a promising future, lending an air of healthy competition in the business sector.

“In my view, the financial sector would be more resilient post-COVID-19, if we all, the financial institutions, payments schemes and most importantly the regulator; understand the real concerns and work together as an industry to mitigate them. SBP has taken good initiatives to work towards a digital economy, it is upon the consumers to adapt to them,” he said.

He talked about the challenges that FinTech has faced, in terms of how it has not been widely accepted by consumers and retailers alike. “The population that uses banking channels is only about 20%, compared to an average of over 60% in South Asia, leaving an untapped market for FinTechs to grow if they have the right product for the right consumer,” he said. While he agreed that Telcos made a huge difference in the ways that it allowed the easy transfer of money for lower-income individuals, he also assessed that there is room for growth and improvement, with Fintech obtaining this opportunity more at the time of a crisis.

“There has been a surge of FinTech in Pakistan over the past few years with companies at the forefront of payments, and then there is Access Group with the network of DigitalPass works closely with financial institutions like banks, payment institutions, and corporates to build operational technology, network acceptance, and payment innovation,” he said.

Observing how the country still operates on a cash-based system, he reflected on how most retail-outlets do not have the necessary facilities to support the acceptance of digital payments. However, a crisis means that there is additional support from the public required in the transition from a cash-based system to a fully digital financial system.

Mr. Mirza recalled how data was one of the key factors behind the success of FinTech. However, he viewed data as a gateway to understand consumer behavior and improve services, rather than monetization. “Companies like Amazon, Alibaba are a prime example of how effective utilization of data can be, and at times like these only a few companies have not only sustained but saw huge gains in their sales,” he said.

He reiterated that in the interest of identifying potential customers and delivering value-added customized solutions, the best utilization of data would be to improve services, innovate products, and for operational betterment.

He observed how there has been a sudden surge in digital payments and in the way that people deliver payments, and he viewed this as a positive sign. “Digital banking has a lot to offer, with the number of individuals especially the youth, which comprise of over 64% of the population of Pakistan are using smartphones and have access to the internet; the future is digital banking,” he said.

As the pandemic ravages the country, people have been surging forward to use non-conventional means to connect, for meetings, conferences, and education. With such a shift, Mr. Mirza believes that the public would be leaving conventional methods behind.

Mr. Mirza also commented on his efforts to help financial institutions face this current crisis. “DigitalPass (a part of Access Group) is a third-party service provider, bridging the gap between the retailers, banks, payment schemes, and financial institutions that contribute to the financial inclusion in Pakistan. With our dynamic digital payment ecosystem, we craft a forward-thinking digital payment strategy for all our stakeholders that opens unique opportunities for collaboration and innovation,” is what he said.

As partners of notorious and prominent financial entities, including bank and payment schemes, they have offered digital transactions and contactless payments for the ease and safety of their customers. Recently, they initiated the NFC capability for UnionPay cardholders, which allowed their customers to make contactless payments at retail outlets.

“We are also the digital payment partners of Mastercard for increasing the QR acceptance footprint at major brands across Pakistan. In addition to this, we are also working with other leading banks and telcos under a similar arrangement,” he concluded.

Source: Daily News Pk

Author: Wardah Javaid 

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • Amazon
  • Master Card
  • NFC
  • UnionPay
  • Yasum Mirza
Content Desk

Previous Article
  • Technology

realme Pakistan Announces Super Fan Festival: 20.08.2020

  • August 16, 2020
  • Content Desk
View Post
Next Article
  • DEMO PAKISTAN
  • Ignite

CIRCLE Returns with 4th Edition of She Loves Tech 2020

  • August 18, 2020
  • Content Desk
View Post
You May Also Like
View Post
  • Computerworld
  • Ignite

The economy is booming: Bags from Pakistan Top ten rankings in terms of improving the business climate

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • Ignite

The government plans to build a software technology park in Bannu.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite

Shafqat Mahmood, Minister of Education, Launches IBCC E-Portal And Mobile App For Education Sector

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Shibli Faraz reports on PSQCA’s plans to launch an automated system to speed up the standardisation process.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Teachers in Punjab now have access to an electronic transfer system.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

The Board of Investment has launched an online portal for Special Economic Zones.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

SBP Simplifies the Process of Increasing Overseas Investment for Startups

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

PTCL and GCU have signed an agreement to provide premium ICT services.

  • Sub Editor
  • April 15, 2022
View Post
  • CIO
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Punjab’s Minister of Higher Education and Information Technology officially launches e-Earn, the province’s largest co-working network.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Punjab’s Minister of Higher Education and Information Technology officially launches e-Earn, the province’s largest co-working network.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Quetta will get its first and largest software technology park after a memorandum of understanding is inked.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

PSEB will create an office in Quetta to help the IT sector in Balochistan grow

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • News
  • Technology

Pakistan’s own encrypted messaging software is 60% complete, according to a report.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Pakistan is one of 15 countries where e-waste poses a serious health risk, according to the United Nations.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite

Pakistan’s NFT Revolution is led by Wasim Akram.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Pakistani scientists have been praised for developing the ZECC technology for storing fruits and vegetables

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite

Pakistan’s e-Learning portal, Skills Todo, is still in second place.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

Pakistan has over 40 fintech companies, according to a report.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Technology

NUST and Tech Valley have signed an agreement to deliver Google Cloud training to Pakistan.

  • Sub Editor
  • April 15, 2022
View Post
  • Computerworld
  • DEMO PAKISTAN
  • Ignite
  • Partnerships
  • Technology

LUMS collaborates with Northumbria University and leading UK scientists to create long-term solutions.

  • Sub Editor
  • April 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about
About
Launched in 1967 internationally, Computerworld Magazine is the oldest tech magazine/media property brand in the world. Today Computerworld (abbreviated as CW) is an ongoing decades old professional publication which in 2014 "went digital”. In Pakistan Computerworld was launched in 1995. Initially providing news to IT executives only, once CIO Pakistan from the same family launched, and took over the domain, CW Pakistan has slowly emerged as a holistic technology news platform reporting everything tech in the country. It remains the oldest running continuous IT media publishing platform in the country and approaching 3 decades of existence, it has been the industry’s biggest benchmark and hopes to continue for years to come.
Read more
Explore Computerworld Sites Globally
  • ComputerWorld.es
  • computerworld.com.pt
  • Computerworld.com
  • cw.no
  • computerworldmexico.com.mx
  • computerwoche.de
  • computersweden.idg.se
  • computerworld.hu
  • cwi.it
  • project.nikkeibp.co.jp
Content from other IDG brands
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • GameStar
  • Network world
CW Pakistan
  • CWPK
  • CXO
  • WALLET
  • Demo
CW Media & all its sub brands are copyrighted to SPIN-IDG Wakhan Media Inc., the publishing arm of NCC-RP Group. Site is designed by Crunch Collective ©️ 2022

Input your search keywords and press Enter.