Outreach of fast mobile networking and internet services in every nook and corner of Pakistan has made it convenient to open a mobile wallet account. These Mobile cash wallet accounts boost the microfinance sector of Pakistan.
IT sector has proved its importance in covid-19. Even less literate persons can open cash wallet accounts easily. These mobile Cash accounts are being considered the future of fine tech. Wallet accounts can be opened on both smart and featured phones without any hassle. Money can easily be transferred with the help of these accounts while maintaining social distance in pandemics. This is the way Mobile cash wallets accelerate the growth in the microfinance sector.
Financial aid transfer under PM supported Ehsaas program and Benazir Income Support Program (BISP) are vital examples of mobile cash wallets. Mobile top-ups, loaning, payment of utility bills while sitting at home, salary transfer, etc. are some of the live applications of mobile cash wallets. Telecom companies jazz, u-fone, Telenor with their mobile wallet accounts are serving their users for availing multiple financial services at their doorstep. E-wallets have made the disbursement of loans cost-effective.
Mobile wallets have enabled financial institutions including Islamic, conventional, and microfinance banks to add multiple digital services in their portfolios. Digital wallets have bridged the gaps between cities and villages as citizens in deprived and far-flung areas of Pakistan are enjoying the privilege of digital currency transfer. Only Mobilink is running more than 110,000 jazz cash accounts where remittances of 4 billion have been reported till May 2021.
Huge space identified in E-transfer is inviting more competitors. The ever-increasing digital revolution in the telecom sector is supposed to promote branchless banking and making the lives of customers easy. The whole discussion sums up that the Smart use of Mobile wallets can boost up microfinance sector in Pakistan.