Mobile Banking on the Rise in Pakistan Since Launch

Over 400,000 accounts have been opened by banks and more than 10 million transactions took place during the last 18 months in response to mobile banking. Thus, mobile banking put huge impact [+ve] on banking sector. It is announced by State Bank of Pakistan (SBP) and Pakistan Telecommunication Authority (PTA) during a meeting in Karachi. They were together to form third-party mobile banking regulations this year to facilitate cellular banking in the country.

According to PTA chairman Dr. Yaseen 
This would also provide an extra freedom to all service providers to start mobile banking offers to their consumers. Third-party payment handling agents can work with many providers, rather than the closed networks. PTA had been working with the State Bank on third-party regulations for the last one year and We hope to come up with the regulations by this year.

According to Yaseen Anwar, Deputy Governor State Bank 
The market for fund transfer and other banking services in Pakistan is not confined to rural areas only as urban locations also hold significant potential for many aspects of financial services. To serve the needs of this low-income vulnerable segment of the society, living both in urban and rural areas, banks now offer branchless banking services and have developed a network of over 14,000 agents across the country. All this has developed in only 1-1/2 years as compared to the total number of bank branches of 10,000 over a span of 63 years.