Banking Technology

While Pakistan has historically been a cash-based economy, going forward, it is expected that there will be an accelerated shift to non-cash transactions. In recent times, thanks to the influx of smartphones, banking has never been easier due to the advent of banking apps that help you manage your daily transactions at the tip of […]

Seventy percent of Pakistan’s population uses a smartphone and as of 2018, 22.2% of them use the internet on their mobile devices (source: Internet World Stats, 2018). The percentage of internet users on mobile devices has risen by almost 10% in one year to 31% in February 2019 (source: PTA, 2019). To take advantage of […]

Allied Bank Limited (ABL) and Avanza Premier Payment Services (APPS) have collaborated to revamp online transactions through Payfast; APPS’ payment gateway. Payfast will allow the customers of ABL to shop on APPS’ vast merchant network which ranges from schools, billers, mutual funds, marketplaces and other entities via their, bank accounts. Allied Bank is the 5th […]

KARACHI: Avanza Premier Payment Services (APPS) and HabibMetro Bank signed an agreement to enable ‘PayFast’, APPS’ end-to-end payment gateway, to provide a secure and reliable service for e-commerce and m-commerce transactions. This gateway will allow customers to make payments through their bank accounts or debit cards, a facility that is currently offered on a very limited […]

KARACHI: Pakistan Stock Exchange (PSX), one of the best performing stock exchanges in Asia over the last few years, has selected Oracle for seeking help to enhance the security and integrity of its data. The move is part of the ongoing proactive stance adopted by PSX to ensure that the most modern systems are in […]

Mastercard, a leading technology company in the global payments industry has announced a strategic collaboration with NADRA technologies to optimise National ID cards with electronic payments facility. Pakistani citizens will be able to use their national identity cards (CNICs) to carry out financial transactions and receive government disbursements. This was announced at World Economic Forum Annual […]

Individuals and businesses, including startups, are benefiting from online banking, but the doors to new opportunities have yet to fully open. Internet and cell phone banking help companies and businesses get instant access to bank accounts, conduct business-to-business (B2B) and online transactions. From airlines, utilities, mutual funds, super food outlets, insurance companies and fertiliser and […]

ISLAMABAD: The Federal Board of Revenue (FBR) has asked banks to improve their reporting system to bring it on a par with International Reporting Standards (IRS) for the exchange of financial information regarding bank accounts of non-residents with members of the Organisation for Economic Cooperation and Development (OECD). “All banks have been advised to improve […]

ISLAMABAD: Pakistan has witnessed an amount of Rs. 1,492 billion which was transacted through Mobile Banking during 2015-16. This is testimony of the fact that transaction through mobile money has potential to expand reach of banking services to 85 per cent unbanked population of Pakistan. During October to December, 2015 the total volume of branch-less […]

Karachi—In order to effectively monitor imports into Pakistan, State Bank of Pakistan and Pakistan Customs have launched and implemented Electronic Import From (EIF) Module in WeBOC (Web Based One Custom), the IT system of Pakistan Customs w.e.f. September 1, 2016. The said Module has been developed in consultation with all the relevant stakeholders including the […]