Alternative banking channels, especially m-banking has made some significant progress in the last few months since my last post. For one thing, Mobilink, Pakistan’s leading operator, has a downloadable mobile app called Genie for paying bills and buying credits using your credit card or bank account. More comments on this later.
Online bill payment solutions are also now being franchised out by NADRA (National Database and Registration Authority) to business setups across the country through their e-sahulat program, (read article here). This will increase the number of channels that customers can use for the most poplar m-banking transaction types and going further into actual m-banking products and services such as fund transfer.
The Reserve Bank of India is possibly going to be the first central bank to be offering full-fledged m-banking solutions very soon. There draft guidelines can be found here. However, full-fledged m-banking has been put on hold till the official guidelines are issued.
But here’s the real reason why I feel like blogging: my intern finally completed his market survey of e-banking products and services in Pakistan. Since it contains purely public domain information, there’s no reason why I shouldn’t share this research and finally contribute something back to our wonderful perpetual primary source of secondary information, the internet.
You can also download the paper from this location.
Might as well also mention Bank of America just published an article that discusses some initial hurdles that it faced and how it dealt with them. Good for a quick skim through.
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