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Digital Payments: Prospects for South Asia and Pakistan
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. -
Journal of Contemporary Studies a Biannual Publication of Faculty of Contemporary Studies
Journal of Contemporary Studies A biannual publication of Faculty of Contemporary Studies Patron-in-Chief Lieutenant General Nazir Ahmed Butt, HI (M), President, National Defence University, Islamabad. Chairman Prof. Dr. Pervaiz Iqbal Cheema, Dean, Faculty of Contemporary Studies, National Defence University, Islamabad EDITORIAL BOARD Editor-in-Chief Dr. Zulfqar Khan Editor Dr. Shaheen Akhtar Assistant Editors Dr. Khuram Iqbal Mr. Tasawar Hussain EDITORIAL ADVISORY BOARD Prof. Ian Talbot, Professor of Modern British History at the University of Southampton, UK. Prof. Dr. Sally Wallace, Andrew Young School of Policy Studies, Georgia State University, USA. Prof. Dr. Mehmet Asutay School of Government and International Affairs, Durham University, UK. Prof. Marvin G. Weinbaum, Director for Pakistan Studies at the Middle East Institute, USA. Dr. Andrew Futter, Associate Professor of International Politics at University of University of Leicester, UK. Dr. Julian Droogan, Department of Security Studies and Criminology, Macquarie University, Australia. Dr. S. Gulden Ayman, Associate Professor, Marmara University Istanbul, Turkey. Dr. Nishchal N. Pandey, Director Centre for South Asian Studies, Kathmandu, Nepal. Dr. Ying Rong, Senior Research Fellow, China Institute of International Studies (CIIS). Professor Tim Edmunds, Director of Teaching and Learning School of Sociology, Politics and International Studies (SPAIS), University of Bristol, Bristol, United Kingdom. Dr. Hasan Askari Rizvi, Political and Defence Analyst, Pakistan. Dr. Moonis Ahmar, Dean, Faculty of Arts, University of Karachi, Pakistan. Dr. Rashid Ahmad Khan, Dean Social Sciences, University of Sargodha, Pakistan. Dr. Ejaz Hussain, Professor National Institute of Pakistan Studies, Quaid-i-Azam University, Islamabad. Winter 2016 Volume V, Number 2 JOURNAL OF Editor-in-Chief Dr. -
Ferdig-Master.Pdf
Abstract Mobile banking has been anticipated as the next step in digital finance for years. It is now, suddenly emerging in the developing world as a viable option for bringing banking services to the unbanked population of the world. The first part of my research question is: what issues resulted in the slow adoption of mobile banking? I find that the main reasons is the lack of a standard, providing a framework for innovations to emerge in. The second part of my research question then follows as, what are the dynamics between standardization and innovation in the Pakistani mobile banking market? To study this I conduct an empirical study of Easypaisa, analysing it in light of Information infrastructure theory. My findings are based on three topics. Firstly, that the establishment of the OTC money transfer standard has made the original plan for expansion change direction, focusing more on innovating on top of this standard rather than trying to change the standard itself. Secondly, my findings suggest that new trends in the mobile banking industry is requiring Easypaisa to change their internal system to allow for easy integration of 3’rd parties innovators. Thirdly, they suggest that the strong regulation of the branchless banking industry in Pakistan both enable and constrain innovation in the industry. I find that Easypaisa’s exploratory and bottom up approach to development have enabled them to be flexible enough to handle the regulatory standards imposed by the government and have enabled them to establish the OTC standard money transfer option. Further they suggest that the scaling of mobile banking solutions requires standard to emerge, however, it also needs flexibility to allow for innovation. -
United States House of Representatives Financial Services Committee
United States House of Representatives Financial Services Committee Task Force on Financial Technology Is Cash Still King? Reviewing the Rise of Mobile Payments Testimony of Christina Tetreault Senior Policy Counsel Consumer Reports January 30, 2020 1 Introduction Chairman Lynch and Ranking Member Emmer and Members of the Financial Technology Task Force, thank you for the invitation to appear today. I am Christina Tetreault, senior policy counsel on Consumer Reports’ financial services policy team. Consumer Reports is an expert, independent, non-profit organization whose mission is to work for a fair, just, and safe marketplace for all consumers and to empower consumers to protect themselves. Consumers Reports works for pro-consumer policies in the areas of financial services and marketplace practices, antitrust and competition policy, privacy and data security, food and product safety, telecommunications and technology, travel, and other consumer issues in Washington, DC, in the states, and in the marketplace. Consumer Reports is the world’s largest independent product-testing organization, using its dozens of labs, auto test center, and survey research department to rate thousands of products and services annually. Founded in 1936, Consumer Reports has over 6 million members and publishes its magazine, website, and other publications. Consumer Reports (CR) has a long history of working to improve payments protections for consumers. In 2008, the then-leader of CR’s financial services policy team, Gail Hillebrand, published a comprehensive -
Die Zukunft Des (Mobilen) Zahlungsverkehrs 5
Aktuelle Themen Globale Finanzmärkte Die Zukunft des (mobilen) Zahlungsverkehrs 5. Februar 2013 Banken im Wettbewerb mit neuen Internet-Dienstleistern Autoren Seit geraumer Zeit gerät die Finanzbranche immer stärker unter Druck: Thomas F. Dapp Die rasante Entwicklung webbasierter Technologien stellt die klassischen Ban- +49 69 910-31752 [email protected] ken insbesondere in den Bereichen Einlagen und Zahlungsverkehr vor große Herausforderungen. Gleichzeitig sorgen schärfere regulatorische Auflagen und Antje Stobbe steigender Kostendruck dafür, dass viele Banken an Innovationskraft verlieren. +49 69 910-31847 [email protected] Der Markt für digitale (mobile) Bezahlsysteme steckt noch in den Kinder- schuhen. Selbst Unternehmen in den USA, die neben Japan Vorreiter sind, Patricia Wruuck +49 69 910-31832 arbeiten erst seit ein bis zwei Jahren an relevanten Geschäftsmodellen. [email protected] Viel Aufmerksamkeit richtet sich derzeit auf die Strategien neuer Wettbewerber Weitere Beiträge: wie Google, Apple, PayPal oder Amazon. Die Netzgiganten strecken verstärkt Bryan Keane ihre Fühler in Branchen außerhalb ihres bisherigen Kerngeschäfts aus, z.B. in Jason Napier den Markt für (mobile) Bezahlsysteme. Ashish Sabadra Yoshinobu Yamada Die Banken sind gut beraten, die großen Internetunternehmen, die Kreditkarten- sowie die Telekommunikationsunternehmen im Auge zu behalten. Vier in dieser Editor Studie erarbeitete Szenarien zeigen mögliche Entwicklungen im Bereich digitaler Bernhard Speyer (mobiler) Finanzdienstleistungen in den nächsten 3-5 Jahren: Das „Early-Bird“- Deutsche Bank AG Szenario ist gekennzeichnet durch eine hohe Akzeptanz digitaler Bezahlsyste- DB Research me, ein aktives Vorgehen der Banken und einen moderaten Verdrängungswett- Frankfurt am Main bewerb. Gelingt es den Banken jedoch nicht, adäquate webbasierte, mobile Fi- Deutschland E-Mail: [email protected] nanzdienste anzubieten, drohen Verluste bei den Marktanteilen („Nachzügler“- Fax: +49 69 910-31877 Szenario). -
Caluwaerts JSC Page.Qxd
Journal of Payments Strategy & Systems Volume 9 Number 1 Social networks, game-changer for e-money? Will social networks (e-)monetise the payments industry? Philippe Caluwaerts Received (in revised form): 6th December, 2014 Policy Officer, Audit and Credit Rating Agencies Unit, Financial Stability, Financial Services and Capital Markets Union Directorate General, European Commission, Rue de Spa 2 (SPA2 01/103), 1049 Brussels, Belgium Tel: (32-2) 2984811; e-mail: [email protected] Philippe Caluwaerts is Policy Officer in the ecosystem lacking global standards and requir- Directorate-General Financial Stability, Financial ing enhanced collaboration between mul tiple Services and Capital Markets Union of the stakeholders including financial institutions, card European Commission. He was previously schemes, mobile network operators, service involved in the design and implementation of the providers and merchants, and the sometimes European policy on payment services and retail fragmented regulatory regimes, all have to be financial services. As part of his duties, he took addressed for e-money to be successful. This part in the design and negotiation of the revised paper describes why we may be at the forefront rules on electronic money and electronic money of a breakthrough in the e-money market, institutions (Directive 2009/110/EC), which were driven by social networks. In particular, the adopted in September 2009. Currently, he is uptake of electronic commerce, the boom of social expert in the EU regulation on credit rating agen- networks connecting families across the globe cies. Before joining the Commission, he worked and creating opportunities for money remittance, in the private sector in banking, mobile telecom- the active presence of merchants on social net- munications and consulting. -
Global Payments 2020-30 a Quantium Shift in the Next Decade Australia's Challenge
McLean Roche Consulting Group Global Payments 2020-30 A quantium shift in the next decade Australia’s challenge – to keep up 1 Submission To RBA Payments Boards – Future of Payments – January 2020 McLean Roche Consulting Group AUSTRALIA’S PAYMENT CHALLENGE Australian payments will see more change in the next 10 years than the last 40 years combined. Australia has an expensive US/Anglo legacy based retail payments system which will be challenge by new technology, new data uses, new players and the need to protect consumer rights and data. Consumer retail payments total $975.7 billion in 2019 and will reach $3.2 trillion by 2030. A faster rate of expansion will occur in SME and Corporate payments. Payments are a very high volume, low margin business with even the smallest changes in revenues or margins delivering significant changes in actual dollars. Regulators around the globe will be challenged by forces of change and this requires all regulators and politicians to be aware of the scale of change and ensure the regulatory frame work changes and evolves quickly. 4 MYTHS DOMINATE THE NARRATIVE 1. CASH WILL DISAPPEAR – many including regulators keep predicting the death of cash. While bank notes may disappear, various forms of cash now dominate retail payments in Australia combining to total 71% share. 2. CREDIT CARDS DOMINATE LENDING – consumer credit cards are in decline having peaked 8 years ago. All the leading indicators are falling – average balance, average spend, revolve rate and number of cards. Corporate and Commercial cards are the only growth story. 3. DIGITAL PAYMENTS ARE THE FUTURE – many payment products use the ‘digital’ tag for marketing ‘glint’ however the reality is all payment products using Visa, MasterCard, Amex or eftpos payment networks are not digital. -
Standard Chartered Credit Card Mobile Offers
Standard Chartered Credit Card Mobile Offers Doubtless Broderick still chauffeur: adventurous and trunnioned Norton teeing quite incurably but tumbling her retinoscopy inconsonantly. Dividable Chane mother flexibly and greedily, she scraps her verification resaluted plaguy. Transvestic and unmarriageable Petr calendars some acre-foot so educationally! Focusing on mobiles, offering a real money video game is offered on products from any account on its key. Green Dot offers reloadable Mastercard and Visa prepaid cards 0 cash deposit s. Easy Payment Plans from top banks in UAE 3 6 9 & 12. Metabank Deposit Times Le Bufaline. Citibank Atm Limit. Standard Chartered Bank and Kotak Mahindra Bank permit no cost. This offer page you find mobile number error: it offers on mobiles, offering different products offered by the. Free and General Science & Technology for Civil. Keybank Atm Withdrawal MangiareMilanoit. Great credit card deals for buying the latest 5G smartphone. Standard Chartered Bank Korea SC. SC Mobile Nigeria Apps on Google Play. Apply online for Super Value Titanium Credit Card they earn 5 cashback on fuel spends phone. Once another client logs in to Standard Chartered Mobile App on your device. The dangers include running their debt this card payments carrying a balance and racking up interest charges using too much of your card themselves and applying for knowing many cards at once. Standard Chartered Mobile Banking App is protected with your user name and password or. Bank fullz. Standard Chartered Bank Offers Various credit cards Ultimate Credit Card Emirates World Credit Card Priority Visa Infinite Credit Card Manhattan Platinum. Please read further terms conditions thoroughly to spell the country Date Location. -
Easypaisa: Mobile Money Innovation in Pakistan
Easypaisa: Mobile Money Innovation in Pakistan Authors: M. Yasmina McCarty and Roar Bjaerum Contents 4 EXECUTIVE SUMMARY 5 PART 1 Structuring for innovation 8 PART 2 Designing the model: Over-the-counter vs. mobile account 13 PART 3 Distribution: Balancing reach and quality 17 CONCLUSION AND CONSIDERATIONS Figures 9 FIGURE 1 Easypaisa transaction values in first year of operations 14 FIGURE 2 Easypaisa Sales and Distribution Structure The MMU programme is supported by The Bill &Melinda Gates Foundation, The Mastercard Foundation and Omidyar Network. 4 GSMA - MOBILE MONEY FOR THE UNBANKED EASYPAISA 5 Executive Summary EASYPAISA, a mobile money service launched in Pakistan in 2009, serves more than five million customers a month through 25,000 points of service. By the end of 2012, it had processed more than 100 million transactions with a throughput of more than US$ 1.4 billion. Easypaisa was identified as a 2012 GSMA Mobile Money Sprinter — one of the 14 most successful mobile money services.1 Three important mobile money innovations emerge from the Easypaisa story. First, Easypaisa was launched from a unique cor- porate structure. Telenor Pakistan, a mobile network operator (MNO) acquired a 51% ownership stake in Tameer Bank, a microfi- nance bank, and then established Easypaisa as a common organization across the two companies. Second, Telenor Pakistan and Tameer Bank introduced over-the-counter (OTC) mobile money services – an entirely new model that did not require registration for an electronic wallet. And third, Easy- paisa achieved rapid national expansion by relying exclusively on its existing GSM PART 1 distribution structure. With a population of 180 million and only Structuring for innovation 15% bank penetration in 2008, Pakistan presented an attractive market opportu- nity for mobile money.2 Easypaisa seized A. -
Financial Inclusion
ANNUAL REPORT TO THE SECRETARY-GENERAL SEPTEMBER 2020 UNITED NATIONS SECRETARY-GENERAL’S SPECIAL ADVOCATE FOR INCLUSIVE FINANCE FOR DEVELOPMENT FINANCIAL INCLUSION Beyond Access and Usage to Quality TABLE OF CONTENTS Message from the UNSGSA � � � � � � � � � � � � � � � � � � � � � � � � � 2 The Path of Financial Inclusion � � � � � � � � � � � � � � � � � � � � � � 4 Ensuring Positive Impact on Development � � � � � � � � � � � � � � � � � � � � � � 6 Reaching the Underserved � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8 Responsible Tech Solutions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �13 CEO Partnership for Economic Inclusion � � � � � � � � � � � � �18 Country Visits Pakistan � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 22 Indonesia � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 27 Financial Inclusion for Development: Building on 10 Years of Progress � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �28 The Road Ahead � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �32 Annexes � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �34 About the UNSGSA � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 35 UNSGSA Activities 2019–2020 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 36 Cover photo credit: Hesham Fathy Message from the UNSGSA The state of the -
Receive Paypal Payment Without Bank Account
Receive Paypal Payment Without Bank Account Planted Johann usually clunks some tempering or franchising unrightfully. Shortened Franklin diphthongise abiogenetically. Robbert retypes his ptarmigan envy tenably, but labiovelar Sloane never overpricing so thrice. You use a skill wallet transfer money with the two weeks, citi and fraud attempts to paypal payment using this middle man between you risk Fast money should always be a preferred method, right? Regardless of your reasons, you can still send and receive funds as well as pay your bills without having a bank account through the following techniques. How much house can you afford? Thank you for this article! We value your trust. Skrill was created with cryptocurrencies in mind, like Bitcoin, Ether, and Litecoin. He writes about cybersecurity, privacy, and the impact of technology on the daily lives of consumers. Hi, thank you for great information. Auction Essistance that stealth is alternative to get back on? No transaction fees if you have Shopify Payments enabled. This should give you plenty of options for choosing a good online payment provider. Do this paypal payment without bank account. Your payment withdrawal method does NOT need to be a bank account. Paypal, and guess what, there ARE. You can also easily pay via text message on your mobile phone. Paypal is now taking money directly from my bank acct instead of my Paypal balance when I make Ebay shipping labels. Yes you can withdraw it even if you have a different name on the account. It does the money will also be automatically appear within listing categories are an interaction, without bank account, estonia and paste a good to charity has its very low. -
Branchless and Mobile Banking Solutions for the Poor: a Survey of the Literature
Ahmed Dermish, Christoph Kneiding, Paul Leishman, and Ignacio Mas Branchless and Mobile Banking Solutions for the Poor: A Survey of the Literature About 2.6 billion people in the world do not have access to formal financial serv- ices, and yet one billion of them have a mobile phone. Branchless banking systems take advantage of increasingly ubiquitous real-time mobile communications net- works to bring banking services into everyday retail stores, thereby alleviating the lack of banking infrastructure in the communities where poor people live and work. Most of these deployments are quite recent, hence there is a shortage of hard empirical evidence relating to them. However, one mobile banking scheme, M- PESA in Kenya, has been phenomenally successful and has been a catalyst for much of the research done to date. In this article, we review the emerging literature on the definitions and model taxonomies employed in mobile banking; the status and drivers of global adoption of these schemes; the take-up and usage patterns of cus- tomers and their socioeconomic impact; and, finally, regulatory issues. Our objec- tive is to help policymakers and practitioners in their continued efforts to create an enabling environment for branchless banking. FINANCIAL ACCESS NEEDS The financial lives of the poor have been amply and vividly described in Collins et al. (2009). Their income is precariously small and often irregular. For instance, they may be smallholder farmers with seasonal income or day laborers without guaranteed employment. Occasionally they face a crisis that can easily overwhelm their means, such as a serious illness or death in the family, or natural events such Ahmed Dermish is a consultant with Bankable Frontier Associates.