There was a time when phones were meant for calling and that was it. Within a decade of cellular phones becoming popular, however, phones began to double as not just a device for calling and messaging but as cameras, computers, calendars, clocks, and so much more. For the vast majority of the world, mobile phones are their primary computing device which they use the most.
And its uses are continuing to grow.
In 2022, the transactions involving ‘mobile money,’ which refers to payment services operated under financial regulation and performed from or via a mobile device (these include your bank app, QR codes, and services like JazzCash and EasyPaisa in Pakistan), increased to an all time high of more than $1 trillion globally. The world also saw an 18 percent increase in user accounts – all according to a report of the Groupe Speciale Mobile Association (GSMA) titled “State of the Industry Report on Mobile Money 2022.”
Pakistan has also been highlighted in the report, which points out the development in the Pakistani market ranging from growing user accounts to an uptake of digital financial services like loans and insurance. However, it went on to highlight the regulatory and socio-economic barriers that exist in the country’s ecosystem which can hamper the pace of adoption for mobile money amongst the masses. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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