The State Bank of Pakistan (SBP) has introduced a new mobile application that will enable all users to make financial transactions across the country.
Samar Hasnain, SBP Executive Director Syed said through ‘Asaan Mobile Account (AMA),’ bank account holders can conduct financial transactions with anyone in the country irrespective of which mobile phone network they have.
The application is set to launch in June 2017 and can be used not just by smartphone users but people with feature phones can also utilize the app.
Speaking at the rebranding ceremony of Tameer Microfinance Bank as Telenor Microfinance Bank, Samar Hasnain said: “People could pay their utility bills, while firms could disburse salaries and pensions via that application. The application would also help people make payments to their dry cleaner, milk vendor, barber and etc,”
“People could pay their utility bills, while firms could disburse salaries and pensions via that application. The application would also help people make payments to their dry cleaner, milk vendor, barber and etc.”
The phones users can open their accounts in two minutes and the user would be charged Rs. 10 to verify the information about the account opener.
“The cost has been cut down to Rs. 10 from a high price (more than Rs20). The NADRA chairman is also on board with making its database available to verify clients’ information.”
This new application can help Pakistan move towards a digital economic path. SBP with this app aims to reduce cash transactions and decrease money thefts.
In Pakistan, around nine countries are working together with mobile phone service providing companies. Conventional banking practices are fading away in the country as branchless banking is gaining momentum. This change is due to the ease of hassle free process the consumers have while accessing their money and conducting transactions.
More than 80 percent of Pakistanis don’t have access to banking services; thus it would be interesting to see how the new app will build this gap. The application is in the implementation stage right now where the central bank has developed concerned rules and regulations.