Digital banking moving nation towards paperless economy

ISLAMABAD: The emerging trends of digital transactions offered by various banks vitally contribute towards a more efficient – 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 from the Information Technology ministry said, “Availability of 3G and 4G service and new technology available to improve data storage and electronic communication has shifted toward a paperless environment that increases each year.”

Economic experts are of the view that a paperless economy is eco-friendly, it reduces the cost of production of cash and saves the paper used for making cash. 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.

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A house wife Shumaila Inaam said, “Digital banking is so convenient for women who’s husbands are settled abroad and they can’t leave the house due to other responsibilities”.

She said that 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 State Bank of Pakistan (SBP).

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  1. It’s most easy was to pay utility bills but in Pakistan usually systems gets down. Normally i used internet banking for utility bills but after having trouble with IESCO, who cut my home electricity in july 2018 i stoped using internet banking. My family stayed with relatives because of no electricity and according to IESCO they did not get the payment which was done from my side on 16th july 2018. Then i went through whole process and showed them the transaction history + handed print out but even then it took 3 days in getting back electricity connection.

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