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Digital Payments: Prospects for South Asia and Pakistan

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52 Journal of Contemporary Studies, Vol. V, No.2, Winter 2016 DIGITAL PAYMENTS: PROSPECTS FOR SOUTH ASIA AND PAKISTAN Dr. Muhammad Zia-Ur-Rehman & Umara Afzal* Abstract The study focuses on the prevailing digital payment patterns across South Asia and the trends and challenges emerging in Pakistan. Some of the crucial digital payment instruments and devices in relation to the e-commerce, m-commerce environment are analysed. The ways in which South Asian businesspersons, customers and employers are replacing hard cash with digital payments are examined. Based on such analysis of trends and patterns widespread in today’s world, the article also discusses the advantages of various devices of digital payments. The paper underscores the prospects and policy recommendations of digital payment trends in Pakistan. Key Words: Digital Payments, Mobile Payments, QR Codes, Point of Sales, NFC, South Asian Trends Introduction n early 2000s, digital payments became a global phenomenon. In developing countries of South Asia digital payments within the realm I of Mobile Banking has recently caught more attention.1 With the help of digital payments, consumers pay bills for products and enterprises operate with them at the core of their business models, utilizing various smart phones, gadgets and tablets. The benefits of digital payments are * Dr. Muhammad Zia-ur-Rehman is Assitant Prof. at Department of Leadership and Management Studies, National Defence University. Umara Afzal is a former M.Phil Scholar of Department of Leadership and Management Studies, National Defence University. 1 Tomi Dahlberg, Niina Mallat, and Anssi Öörni, Trust Enhanced Technology Acceptance Model-Consumer Acceptance of Mobile Payment Solutions, the Stockholm Mobility Roundtable 2003 (Finland, 2003), https://pdfs.semanticscholar.org/d6b6/7e730218100e82c70525249462b02 4515d0b.pdf. Digital Payments Prospects in South Asia 53 vast, when businesses and governments currently pay the cost of cash management; the benefits of going digital could save costs. A tremendous scope is seen for digital payments with the introduction of smart phones especially when taping into the youth’s consumption patterns, phenomenon such as online buying patterns: ringtones, logos, news, music, recreational endeavours, gigs flight tickets, travel expenses. In mobile payments, the gadget executes verification, approval and affirmation procedure to complete an entire transaction where two parties are involved.2 In the world, the payments landscape has changed vastly and we are looking at many more companies providing various modes of digital payments. At the same time the consumers now expect fast and secure payments, no risk and no charges. This new payments landscape has been driven by e-commerce and m-commerce, of which most retailers have been a part. PayPal and digital wallets are the most obvious developments here, spawning a whole range of copycat services, and generally opened people’s eyes to alternative payment methods.3 Digital payment is a payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. No hard cash is involved in the digital payments. It is an instant and convenient way to make payments. With cash payments, you have to first withdraw cash from your account. Then you use this cash to pay at shops. Shopkeeper goes to the bank to deposit the cash which he got from you. This process is time-consuming for both parties. But in digital payments, the money transfers from the account to the shopkeeper’s account are immediate. Hence the future is with digital payments. Among the many instruments of digital payments we have Apple Pay in 2014; it is integrated into the new era of iPhone. Google Wallet as a versatile alternative accompanies it.4 There are other contending methods such as the trending app ‘Venmo’ introduced in 2009. The idea of Venmo came from an incident when one consumer forgot his wallet at home and thought why not transfer money through his mobile phone as a substitute of money, cash, or a cheque and establishing the market for paperless 2 Antovski, and M. Gusev, "M-payments," Proceedings of the 25th International Conference on Information Technology Interfaces, https://ieeexplore.ieee.org/ xpl/mostRecentIssue.jsp?punumber=8683&filter%3DAND%28p_IS_Number% 3A27508%29&pageNumber=4. 3 Richard Loh, “Digital Payments and the Retailer,” Mobile Payments Today, https://www.mobilepaymentstoday.com/blogs/digital-payments-and-the- retailer/. 4 Press Release, “Apple Announces Apple Pay” Apple, September 9, 2014. 54 Journal of Contemporary Studies, Vol. V, No.2, Winter 2016 transactions.5 In 2014, there were around 4.23 billion cell phone buyers in the world, and roughly 80 percent of the people will rely upon their cell phones by 2020.6 In the United States, 87 percent population utilizes cell phones and 71 percent of these cell phones are Smartphones. Asia is a massive cell phone market with 2.5 billion customers in 2013.7 Among Asian nations, China has the biggest number of cell phone dissemination with around 1.29 billion proprietors in 2016,8 and 1 billion cell phone clients in India. Pakistan has also put forth its first major digital policy aimed towards creating more job opportunities and accelerating economic growth, as predicted by Visa’s study of ‘cashless cities’. As smartphone penetration in Pakistan increases and e-commerce is projected to be worth $ 1 billion by 2020, the role of digital payment methods is expected to increase immensely.9 Understanding Digital Payments Digital or electronic payments both are generally used to mean the same thing transfers of value, which are initiated and/or received using electronic devices and channels to transmit the instructions. Digital payments are not one instrument but rather an umbrella term applied to a range of different instruments used in different ways. With digital payments, there are two key dimensions of categorization that are most important: firstly, through which means—paper or digital—are the payment instructions carried; and secondly, whether the payer, payee, or both use an electronic medium in a payment transaction.10 The most common digital payment instruments are credit transfers which may also be called internet or wire transfers or SMS 5 Felix Gillette, “Cash is for Losers!,” Bloomberg, http://www.bloomberg.com/ bw/articles/2014-11-20/mobilepayment-startup-venmo-is-killing-cash. 6 "Number of Mobile Payment Users from 2009 to 2016 by Region | Statistic," Statista, https://www.statista.com/statistics/279957/number-of-mobile- payment-users-by-region/. 7 Dave Chaffey, Paul Russell Smith, EMarketing Excellence : Planning and Optimizing Your Digital Marketing (London: Routledge, 2013), http://charsoomarketing.com/wp-content/uploads/downloads/2016/02/ Dave_Chaffey_PR_Smith_Emarketing_Excellence_Pl.pdf. 8 Albert GZ Hu, Gary H. Jefferson, and Qian Jinchang, “R&D and technology transfer: firm-level evidence from Chinese industry,” Review of Economics and Statistics, 87, no. 4 (Beijing, 2005), 780-786. 9 Staff Reporter, “Karachi Offers Huge Potential for Digital Payment Systems: Study,” Dawn, August 7, 2018. 10 “How to Define Digital Payments?” Better than Cash, https://www.betterthancash.org/tools-research/toolkits/payments- measurement/focusing-your-measurement/introduction. Digital Payments Prospects in South Asia 55 banking, mobile banking. Then there are direct debits, pre-authorized debit on the payer’s bank account initiated by the payee and are a pull instrument. Lastly, card payments involving plastic cards which are often (although not always) branded with the names of the international card associations such as MasterCard or Visa, as well as the issuing financial institution. These payments usually involve the payer presenting his card at a device, such as a point of sale (POS) machine or an ATM, and entering a PIN number to authorize a payment transaction via that device.11 And finally e-wallet or mobile wallet is a digital version of your wallet but it far more functional in today’s world. E-wallets can be used to recharge a phone, pay at various places and send money to friends. With a smartphone and a stable internet connection, E-wallets can be used to make payments. These E-Wallets also give additional cashback offers. Some of the most used E-wallets are State bank buddy, ICICI Pockets, Freecharge, Paytm etc. E-Wallets still have some limitations. These apps are good if you send money to a wallet to another. These apps are not safe to send money to a bank account. These apps have a PIN or password. If the phone is unlocked, anyone can use the money in the wallet.12 Up until this point, all versatile instalment applications have concentrated on purchaser as opposed to businesses. Be that as it may, numerous instalment guarantors, cost administration professional vendors and different organizations that have some expertise in corporate travel are creating items such as corporate apps, one example is AirPlus International. Various studies show that digital payments for business management and organizational management with mobile phone can be easier as compared to other tools as even paying off and dealing with financial transactions.13 For instance, mobile phones are available at remote areas and be utilized in different types of monetary trade. 14 After gaining an understanding of digital payments, digital payment device is a device that uses the payment instrument and information from the recipient to complete a transaction, e.g. point of sale device, PC and mobile phones. These devices use traditional Electronic Funds Transfer Point of Sale (EFTPOS) terminal, yet due to the 11 Ibid. 12 Prabhat Panday, “Digital Payments in India 2016-2017: Definition, Types, Comparison and Apps”, Upi Payments, https://upipayments.co.in/digital-payment/. 13 Tomi Dahlberg, Niina Mallat, Jan Ondrus, and Agnieszka Zmijewska, "Past, Present and Future of Mobile Payments Research: A Literature Review," Electronic Commerce Research and Applications 7, no. 2 (2008): 165-181. 14 Jun Liu, Robert J.
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