Digital banking moving nation towards paperless economy
ISLAMABAD: The emerging trends of digital transactions offered by various banks vitally contribution towards boosting paperless economy.
Cashless transactions are becoming the most favorable mode of transactions throughout the world and the effects are also visible in Pakistan.
A spokesperson Information Technology ministry Saghair Watto said, “Availability of 3G and 4G service and new technology becomes available to improve data storage and electronic communication has shifted toward a paperless environment that increases each year.”
Economy experts view that paperless economy is eco-friendly, reducing the cost of production of cash and saving the paper used for making cash and it saves individuals from carrying a large amount of cash in their wallets, reducing the possibilities of theft. Risks of counterfeit money are also absent in electronic transactions. A house wife Shumaila Inaam said, Digital banking is so convenient for a women who’s husbands are settled abroad and they can’t leave the house due to other responsibilities.
She said online banking also allows you to transfer money between accounts, abroad and bill payments and online shopping more easily and quickly without leaving homes.
A very important influence in the running of such an economy is the self-confidence that the people’s money is safe in banks and reliable online store and convenience provided to public offered by various bands and telecom operators., she added.
Paper based transactions remained less than half of digital and other electronic related transactions during the second quarter of FY18, according to a statement released by the SBP.