Mobile Money Transactions in Pakistan: Pakistan Leads the Way in Mobile Phone Usage for Financial Transactions
According to a recent report by World Bank, amongst the different countries of South Asia, Pakistan leads the way with its 2% female and 9% male population carrying out mobile money transactions in Pakistan.
Pakistan is the Leader of South Asia in Mobile Money Transactions
The report is the result of the Global Findex Database of World Bank that gives in-depth information about how people borrow, save, manage risks and make payments. This report showed that on an average around 3% of the population of South Asia receives or sends money through a mobile phone in 2014.
Broadband Subscriptions on Rise in Pakistan
The broadband subscriptions of Pakistan have crossed the mark of 25 million. This figure is also from the Global Findex which is regarded as the most comprehensive database of the world in terms of financial inclusions that continuously calculate the use of financial services by the people of a country over time.
Recognizing the Digital Potential of Pakistan
India, on the contrary, ranks second in the usage of mobile money transactions having only 1% of its female and 3% of male population using mobile money facility for financial transactions. The statistics are the result of the survey data gathered in 2014 by Gallup, Inc for Global Findex that covered about 150,000 people in above 140 countries and showed 97% of population. These indicators will be collected again in the year 2017.
Further Aspects of Research
The above mentioned research for Global Findex consisted of a questionnaire that piloted several economies by using field testing, cognitive interviews and focus groups. This research and its indicators are very beneficial for the businesses, researchers and policy makers in terms of tracking how the financial services usage has transformed with the passage of time. Further, the database of the research can be used for pointing out the gaps for accessing formal financial methods and develop policies for expanding financial inclusion.