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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. -
AUTOMATED TELLER MACHINE (Athl) NETWORK EVOLUTION in AMERICAN RETAIL BANKING: WHAT DRIVES IT?
AUTOMATED TELLER MACHINE (AThl) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? Robert J. Kauffiiian Leollard N.Stern School of Busivless New 'r'osk Universit,y Re\\. %sk, Net.\' York 10003 Mary Beth Tlieisen J,eorr;~rd n'. Stcr~iSchool of B~~sincss New \'orl; University New York, NY 10006 C'e~~terfor Rcseai.clt 011 Irlfor~i~ntion Systclns lnfoornlation Systen~sI)epar%ment 1,eojrarcl K.Stelm Sclrool of' Busir~ess New York ITuiversity Working Paper Series STERN IS-91-2 Center for Digital Economy Research Stem School of Business Working Paper IS-91-02 Center for Digital Economy Research Stem School of Business IVorking Paper IS-91-02 AUTOMATED TELLER MACHINE (ATM) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? ABSTRACT The organization of automated teller machine (ATM) and electronic banking services in the United States has undergone significant structural changes in the past two or three years that raise questions about the long term prospects for the retail banking industry, the nature of network competition, ATM service pricing, and what role ATMs will play in the development of an interstate banking system. In this paper we investigate ways that banks use ATM services and membership in ATM networks as strategic marketing tools. We also examine how the changes in the size, number, and ownership of ATM networks (from banks or groups of banks to independent operators) have impacted the structure of ATM deployment in the retail banking industry. Finally, we consider how movement toward market saturation is changing how the public values electronic banking services, and what this means for bankers. -
The Transaction Network in Japan's Interbank Money Markets
The Transaction Network in Japan’s Interbank Money Markets Kei Imakubo and Yutaka Soejima Interbank payment and settlement flows have changed substantially in the last decade. This paper applies social network analysis to settlement data from the Bank of Japan Financial Network System (BOJ-NET) to examine the structure of transactions in the interbank money market. We find that interbank payment flows have changed from a star-shaped network with money brokers mediating at the hub to a decentralized network with nu- merous other channels. We note that this decentralized network includes a core network composed of several financial subsectors, in which these core nodes serve as hubs for nodes in the peripheral sub-networks. This structure connects all nodes in the network within two to three steps of links. The network has a variegated structure, with some clusters of in- stitutions on the periphery, and some institutions having strong links with the core and others having weak links. The structure of the network is a critical determinant of systemic risk, because the mechanism in which liquidity shocks are propagated to the entire interbank market, or like- wise absorbed in the process of propagation, depends greatly on network topology. Shock simulation examines the propagation process using the settlement data. Keywords: Interbank market; Real-time gross settlement; Network; Small world; Core and periphery; Systemic risk JEL Classification: E58, G14, G21, L14 Kei Imakubo: Financial Systems and Bank Examination Department, Bank of Japan (E-mail: [email protected]) Yutaka Soejima: Payment and Settlement Systems Department, Bank of Japan (E-mail: [email protected]) Empirical work in this paper was prepared for the 2006 Financial System Report (Bank of Japan [2006]), when the Bank of Japan (BOJ) ended the quantitative easing policy. -
Debit Cards Visa Silver Clearing SMS Alerts Monthly ADC/Digital For
Key Fact Statement (KFS) for Deposit Accounts BANK AL HABIB LTD Date __________ branch IMPORTANT: Read this document carefully if you are considering opening a new account. It is available in English and Urdu. You may also use this document to compare different accounts offered by other banks. You have the right to receive KFS from other banks for comparison. Account Types & Salient Features: Fixed Term Deposit This information is accurate as of the date above. Services, fees and mark up rates may change on Quarterly basis. For updated fees/charges, you may visit our website at www.bankalhabib.com or visit our branches. • No penalty on Premature Encashment. Indicative Rates of Profit on Fixed Deposit Schemes 1 Month Deposit 5.50% p.a 3 Months Deposit 5.50% p.a 6 Months Deposit 5.50% p.a 1 Year Deposit 6.10% p.a 2 Year Deposit 6.30% p.a 3 Year Deposit 6.55% p.a 4 Year Deposit 6.55% p.a 5 Year Deposit 6.55% p.a On premature encashment, profit will be calculated as per rate of last nearest completed tenure while profit on the remaining number of days deposit held, will be calculated and paid on the Savings Account Profit Rate, applicable at the time of Booking of deposit Note: Kindly refer Schedule of Charges (SOC) for exemptions of service charges. Conventional Particulars Fixed Term Deposit Currency PKR Minimum Balance for To open 0 Account To keep 0 Account Maintenance Fee 0 Is Profit Paid on account Yes Subject to the applicable tax rate Indicative Profit Rate. -
The Topology of Interbank Payment Flows
Federal Reserve Bank of New York Staff Reports The Topology of Interbank Payment Flows Kimmo Soramäki Morten L. Bech Jeffrey Arnold Robert J. Glass Walter E. Beyeler Staff Report no. 243 March 2006 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Topology of Interbank Payment Flows Kimmo Soramäki, Morten L. Bech, Jeffrey Arnold, Robert J. Glass, and Walter E. Beyeler Federal Reserve Bank of New York Staff Reports, no. 243 March 2006 JEL classification: E59, E58, G1 Abstract We explore the network topology of the interbank payments transferred between commercial banks over the Fedwire® Funds Service. We find that the network is compact despite low connectivity. The network includes a tightly connected core of money-center banks to which all other banks connect. The degree distribution is scale-free over a substantial range. We find that the properties of the network changed considerably in the immediate aftermath of the attacks of September 11, 2001. Key words: network, topology, interbank, payment, Fedwire, September 11, 2001 Soramäki: Helsinki University of Technology. Bech: Federal Reserve Bank of New York. Arnold: Federal Reserve Bank of New York. Glass: Sandia National Laboratories. Beyeler: Sandia National Laboratories. Address correspondence to Morten L. Bech (e-mail: [email protected]). -
JS Bank Soc 2021
2021 SCHEDULE OF CHARGES (01 July – 31 December 2021) Table of Contents INTERNATIONAL BANKING A) IMPORTS 01 B) EXPORTS 03 C) INLAND TRADE - IMPORT 04 D) INLAND TRADE - EXPORT 05 E) MISCELLANEOUS 05 F) GUARANTEES 06 G) REMITTANCES 07 H) MISCELLANEOUS 08 DOMESTIC BANKING A) REMITTANCES 08 B) ADVANCES 09 C) STANDING INSTRUCTIONS FEE 10 D) LEASING 10 E) MASTERCARD/PAYPAK DEBIT CARD CHARGES 11 F) E-BANKING SERVICES 13 G) CALL CENTRE AND IVR SERVICES (111-654-321) 13 H) MISCELLANEOUS CHARGES 13 I) FEE WAIVERS 15 J) INVESTMENT BANKING 22 K) JS CARAAMAD AUTO FINANCING 23 L) JS GHARAPNA HOME LOANS 24 M) JS GHARAPNA SOLAR PANEL FINANCING (NEW) 25 N) JS FAURIFINANCE 25 O) SME 25 P) JS SMART ROSHNI - SOLAR PANEL FINANCING 25 Q) JS GOLDFINANCE/ZARKHEZ GOLDFINANCE 26 R) JS KHUD MUKHTAR - WOMEN ENTREPRENUER 26 S) JS NAYA AGHAAZ SME LOAN 27 T) JS SCHOOL DEVELOPMENT FINANCE 27 U) JS WORKING CAPITAL BUSINESS LOAN 28 V) JS TARAQI LOAN - SME LOAN FOR MODERNIZATION 28 W) JS HOSPITAL FINANCING 28 X) JS ELITE SALARY LOAN 29 Y) JS ELITE ADVANCE PAY 29 Z) JS CORPORATE CHARGE CARD 29 AA) JS BANK CREDIT CARD VISA 30 AB) JS CASH ASAAN - PERSONAL INSTALLMENT LOAN 31 AC) RUPEE TRAVELLERS CHEQUES 32 AD) CASH MANAGEMENT 32 AE) MORTGAGE CREDIT FACILITY 32 AF) PRIME MINISTER’S YOUTH BUSINESS LOAN (DISCONTINUED) 33 AG) PRIME MINISTER’S KAMYAB JAWAN YOUTH ENTREPRENEURSHIP SCHEME (PMYES) 33 AH) AGRICULTURE FINANCING 34 AI) JS ZARKHEZ STORAGE FINANCE 35 AJ) JS ZARKHEZ FISHERIES FINANCE 35 AK) JS GHARPAY SERVICE 36 NOTES AL) NOTE 37 AM) GENERAL 37 AN) NOTE 37 AO) TOUCHPOINTS FOR OUR CUSTOMERS 38 International Banking A). -
Faysal Bank Debit Card Terms & Conditions
Faysal Bank Debit Card Terms & Conditions Definitions and abbreviations: In these Terms and Conditions, following are the definitions of certain words and abbreviations used: “1 Link”: 1Link (Guarantee) Limited, a consortium of major Banks that owns and operates the shared financial services network in Pakistan through which CARDHOLDER may use his / her CARD. "M-Net": Another shared financial service network in Pakistan through which CARDHOLDER may use his/her CARD. “ACCOUNT”: Means a Rupee (Current and/or Saving) Bank Account maintained by a Customer with the Bank through which CUSTOMER carries out CARD TRANSACTION. All references that refer to singular shall be deemed to include plural. “ACCOUNT HOLDER”: Means a person(s) who maintain(s) one or more Accounts with the Bank. “ACCOUNT INFORMATION”: Means information pertaining to the Account(s) maintained by the Customer with the Bank. “ALTERNATE CHANNEL”: Means Customer touch point other than BRANCH, including but not limited to ATM, Mobile, Internet, POS, Call Center, Phone Banking etc. through which transactions/instructions/or requests can be performed or taken. “ATM”: Means Automated Teller Machine installed and operated by the Bank in Pakistan and / or abroad and / or Automated Teller Machines of Banks participating in the Linked Network and / or the Automated Teller Machines of Banks or financial institutions in Pakistan and / or abroad where card is accepted. “Bank”: refers to Faysal Bank Limited. “Branch”: An office of Faysal Bank authorized to conduct Customer banking transactions. “BENEFICIARY”: Means the recipient of funds or other services as prescribed by the sender of funds, who may also be the ACCOUNT HOLDER. -
Liquidity Flows in Interbank Networks!
Liquidity Flows in Interbank Networks Fabio Castiglionesiy Mario Eboliz November 2012 Abstract In this paper we model interbank liquidity networks as ‡ow networks. The aim is to compare the ability of di¤erent network structures to cope with the liquidity risk faced by the banks. In particular, we analyze the e¢ ciency of three network structures –star-shaped, complete and incomplete – in transferring liquidity among banks. It turns out that the star-shaped interbank networks achieve the full coverage of liquidity risk with the smallest amount of interbank deposits held by each bank. This implies that star-shaped networks generate the minimum counterparty risk for the banks. Moreover, the star-shaped network is more resilient to systemic risk: the default of one or more banks is less likely to cause the default of the entire system in a star-shaped network than in a complete network. These results provides a rationale of the consistent empirical evidence that interbank network are sparse networks. JEL Classi…cation: D85, G21. Keywords: Interbank Network, Liquidity Coinsurance, Flow Networks. We thank Marco della Seta, Fabio Feriozzi, Ra¤aele Mosca, Wolf Wagner and seminar participants at the Financial Networks Conference 2011 (Geneva), Tilburg University and University of Pescara for helpful comments. The usual disclaimer applies. yCentER, EBC, Department of Finance, Tilburg University. E-mail: [email protected]. zUniversity of Pescara, Faculty of Economics. E-mail: [email protected]. 1 1 Introduction One of the main functions provided by banks is liquidity transformation. Banks are there- fore characterized by a maturity mismatch between long-term assets and short-term lia- bilities. -
Faysal Bank Debit Card Terms & Conditions
Faysal Bank Debit Card Terms & Conditions Definitions and abbreviations: In these Terms and Conditions, following are the definitions of certain words and abbreviations used: “1 Link”: 1Link (Guarantee) Limited, a consortium of major Banks that owns and operates the shared financial services network in Pakistan through which CARDHOLDER may use his / her CARD. "M-Net": Another shared financial service network in Pakistan through which CARDHOLDER may use his/her CARD. “ACCOUNT”: Means a Rupee (Current and/or Saving) Bank Account maintained by a Customer with the Bank through which CUSTOMER carries out CARD TRANSACTION. All references that refer to singular shall be deemed to include plural. “ACCOUNT HOLDER”: Means a person(s) who maintain(s) one or more Accounts with the Bank. “ACCOUNT INFORMATION”: Means information pertaining to the Account(s) maintained by the Customer with the Bank. “ALTERNATE CHANNEL”: Means Customer touch point other than BRANCH, including but not limited to ATM, Mobile, Internet, POS, Call Center, Phone Banking etc. through which transactions/instructions/or requests can be performed or taken. “ATM”: Means Automated Teller Machine installed and operated by the Bank in Pakistan and / or abroad and / or Automated Teller Machines of Banks participating in the Linked Network and / or the Automated Teller Machines of Banks or financial institutions in Pakistan and / or abroad where card is accepted. “Bank”: refers to Faysal Bank Limited. “Branch”: An office of Faysal Bank authorized to conduct Customer banking transactions. “BENEFICIARY”: Means the recipient of funds or other services as prescribed by the sender of funds, who may also be the ACCOUNT HOLDER. -
Faysal Bank Islamic Debit Card Terms & Conditions
Faysal Bank Islamic Debit Card Terms & Conditions Definitions and abbreviations: In these terms and conditions, following are the definitions of certain words and abbreviations used: “1 Link”: 1Link (Guarantee) Limited, a consortium of major Banks that owns and operates the shared financial services network in Pakistan through which CARDHOLDER may use his / her CARD. "M-Net": Another shared financial service network in Pakistan through which CARDHOLDER may use his / her CARD. “ACCOUNT”: Means a Rupee (Current and/or Saving) Bank Account maintained by a Customer with the Bank through which CUSTOMER carried out CARD TRANSACTION. All references that refer to singular shall be deemed to include plural. “ACCOUNT HOLDER”: Means a person(s) who maintain(s) one or more Accounts with the Bank. “ACCOUNT INFORMATION”: Means information pertaining to the Account(s) maintained by the Customer with the Bank. “ALTERNATE CHANNEL”: Means Customer touch point other than BRANCH, including but not limited to ATM, Mobile, Internet, POS, Call Center, Phone Banking etc. through which transactions/instructions/or requests can be performed or taken. “ATM”: Means Automated Teller Machine installed and operated by the Bank in Pakistan and / or abroad and / or Automated Teller Machines of Banks participating in the Linked Network and / or the Automated Teller Machines of Banks or financial institutions in Pakistan and / or abroad where card is accepted. “Bank”: refers to Faysal Bank Limited acting through its Islamic Banking Division. “Branch”: An office of Bank authorized to conduct Customer banking transactions. “Shariah”: Means Islamic jurisprudence and law “BENEFICIARY”: Means the recipient of funds or other services as prescribed by the sender of funds, who may also be the ACCOUNT HOLDER. -
Economic Impact of Real-Time Payments
Economic impact of real-time payments RESEARCH REPORT JULY 2019 ECONOMIC IMPACT OF INSTANT PAYMENTS 1 Important notice from Deloitte This final report (the “Final Report”) has been prepared by We have conducted scenario analysis based on available Deloitte LLP (“Deloitte”) for Vocalink Limited, a Mastercard data and estimated projections. The results produced by our company, (“Vocalink”) in accordance with the Framework scenarios under different assumptions are dependent upon the Agreement dated 8 August 2018 and the Work Order dated 9 information with which we have been provided. Our scenarios August 2018 (together “the Contract”) and on the basis of the are intended only to provide an illustrative analysis of the scope and limitations set out below. implications of real-time payments schemes. Actual results are likely to be different from those projected by the scenarios due The Final Report has been prepared solely for the purposes of to unforeseen events and accordingly we can give no assurance providing a framework for assessing the economic impacts of as to whether, or how closely, the actual results ultimately instant payment schemes, as set out in the Contract. It should achieved will correspond to the outcomes projected in the not be used for any other purpose or in any other context, and scenarios. in no way constitutes a replacement for a detailed business case for developing and/or introducing a real-time payments All copyright and other proprietary rights in the Final Report scheme, and Deloitte accepts no responsibility for its use in remain the property of Deloitte LLP and any rights not either regard.