Mobile Banking: An innovative Service Flourishing to Facilitate Unserved |
- Mobile Banking: An innovative Service Flourishing to Facilitate Unserved
- BankIslami Launches Pakistan’s First Cardless ATM Service
- Indian Defence Research & Armed Forces Computers Hacked: Report
- Zong Pura Balance: Zong Offers Tax Free Recharge
- Mobilink introduces Desi Cricket Commentary
| Mobile Banking: An innovative Service Flourishing to Facilitate Unserved Posted: 10 Mar 2014 12:27 AM PDT
Cellular mobile companies and financial institutions in Pakistan have introduced some of the best m-payment models as over last three years, cellular mobile companies have actively engaged in joint ventures with commercial banks for provision of such services. It has resulted in expansion of m-payment services across the country through an expanded network of agents and above 2.4 million m-wallet account holders. The comparison of different countries showed that Pakistan's financial infrastructure is under-developed with respect to access of its population to formal financial system as only 10 percent of its population has bank accounts, 68 percent of population in Sri A closer look at figures issued by Pakistan Telecommunication Authority revealed that only 3 per cent of the females in Pakistan have bank account and this situation calls for serious efforts from regulators and private sector to reach out to financially excluded population through well developed m-payments/m-banking systems which an eventually help increase savings made by people and channelizing their disposable incomes through banking system. A senior official in PTA has said development of successful M-payments systems needs coherent strategy, coordinated efforts and defined responsibilities among all stakeholders as these strategies should have clear roadmap for access, usage and quality of the M-payments. A comprehensive approach by financial and telecom regulators for active collaboration of private sector will ensure not only expansion of m-payments systems but will also increase usage and adoption of m-payment facilities. An official at a mobile phone company said m-payment systems in Pakistan are currently bank-led models as stipulated in State Bank of Pakistan's Regulations for Branchless Banking. He said cellular operators are configuring mobile banking services on basic handsets using various technical platforms/bearer channels including SMS, Unstructured Supplementary Service Data (USSD) and Sim Toolkit (STK). At present, SMS is the most commonly used bearer channel. Mobile payments are used in the country to provide a variety of services including fund transfers from account-to-account (A2A), person-to-person (P2P), account-to person (A2P), person-to-account (P2A), and bill payments, merchant payments, mobile top-ups, cash-in and cash-out deposits, loan repayments, donations, balance inquiry etc. Cellular mobile operators and banks are continuously innovating to provide new services and to increase the excess of financial services to a greater number of Pakistanis. The figures showed that network of m-payments systems has a total of 64,716 agents and 2.4 million m-wallet accounts. During last one year, an unprecedented growth has been witnessed in these basic infrastructure indicators. Agents registered a growth of 141.6 percent, increasing from 26,792 to 64,716, and the growth in M-wallet accounts was 126.4 percent, increasing from 1.4 million to 2.4 million. The growth in agents is attributed to new players because they have added substantial number of new agents in existing network while on the other hand, the increase in m-wallet accounts is still contributed by the established players. During last one year, accounts have increased from 76,000 to 1.7 million, increasing its share in total m-wallet accounts from just 7 percent to 54 percent. This substantial increase in accounts has altogether changed composition of m-wallet account mix. The regulator also conducted a cross country analysis which revealed that use of mobile phones to pay bills has increased in Pakistan. However, it is still low compared to other South Asian countries. In terms of use of mobile phones to send and receive money, Pakistan has higher usage patterns than Bangladesh and Sri Lanka, though it is still lower than South Asian average and much lower than the overall average usage in the lower middle income countries. Nevertheless, the young and educated population in Pakistan has higher usage of mobile phones to receive money than the average in South Asian countries. Kenya is considered as one of the most successful models in terms of the usage and adoption of m-payments where 80 percent of its educated population use mobile phones to send and receive payments. M-banking segment of Pakistan has vast potential for growth in coming years provided that mobile operators and banks keep up with their innovations and financial and telecom regulators remain proactive to facilitate this process with their coherent and comprehensive strategies. The post Mobile Banking: An innovative Service Flourishing to Facilitate Unserved appeared first on The Giga Web. |
| BankIslami Launches Pakistan’s First Cardless ATM Service Posted: 09 Mar 2014 11:59 PM PDT
Talking to media, Kazi Abdul Muqtadir Deputy Governor SBP said the cardless service is secure and convenient to use for customers in both urban and rural areas of Pakistan. “This service will directly support the Pakistan’s literacy issues as there is no need to remember pin code now and customers’ thumb impression becomes its identity,” he added. He hoped that the cardless service will be more beneficial to the customers of rural areas. Saeed Ahmed Deputy Governor SBP appreciating the launching of new innovative service said it a matter of pleasure that an Islamic bank has launched this service in Pakistan. “I have travelled aboard and never witnessed such service world-wide,” he added. He said a biometric ATM is a unique and one of its kind proposition in Pakistan where a customer can access an ATM by providing thumb impression. “Now we can say that Pakistan is the technology leader in the banking sector,” he added. Hasan Aziz Bilgrami CEO of the Bank said BankIslami adopted the biometric technology to make banking transactions more secure. Now our customers can use ATM facility with just a single thumb impression. Presently, BankIslami has 160 ATMs, which are biometric enabled and by the end of the year we will add 40 more ATMs, he added. He said with launching of this service BankIslami customers can withdraw cash from over 160 ATMs without ATM card and pin code. “We are 1Link member and customers from other banks may use BankIslami ATM with their card/PIN provided by the issuer bank. However biometric verification is only available to BankIslami customers and its ATMs,” he said. Asad Alim Head of Information System said BankIslami launched first biometric enabled ATM in 2006 and being the pioneer of biometric enabled ATM network in Pakistan. Initially, BankIslami softly launched cardless service at selected ATMs in December 2012. However the service has now been made available across its nation-wide network of 201 branches in 77 cities, he added. “We have our own biometric registration process and at the time of account opening, customers fingerprint impressions are captured,” he added. Biometric ATMs are used for wide range of applications such as banking, coupons and self service ATM. Most of the ATMs in the past have been using ID cards to identify users but with the wide acceptance of biometrics, new generation of biometrics ATMs are being deployed for wide range of applications world-wide, Asad said. “Our ATMs have large computer CPU and memory that provide sufficient processing capabilities to support high-end biometrics verification or identification system to complete the transaction in a very short period,” he said. Biometric ATM uses customers’ thumb impression as identity verification which is unique in every person and cannot be copied or compromised like a pin code can, he said. Now all BankIslami customers can enjoy secure and safe ATM transactions with biometric ATMs, built with the state-of-the-art technology. While opening an account with BankIslami, customers will be asked to register his biometric identification against CNIC. As per BIP standard, customer’s left and right thumb will be used for registration purposes. Once the customer’s account opening request gets approved, his biometric record will be linked with account through CNIC, he added. On the occasion NCR’s representative George Flouros said that NCR is working around the world and with successful launching of biometric ATM, now NCR can export this technology from Pakistan. The post BankIslami Launches Pakistan’s First Cardless ATM Service appeared first on The Giga Web. |
| Indian Defence Research & Armed Forces Computers Hacked: Report Posted: 09 Mar 2014 11:30 PM PDT
According to the report - An advisory has been issued to the Indian Services that computers having internet facility should be kept at a distance from those on which classified work is conducted. The security breach took place in December and was detected by the intelligence agencies after which a high-level probe was ordered, government report said. The computers that were hacked are located in the South Block and belong mainly to the Indian Army along with the other two forces, The Indian security establishment fears that up to 30 files marked as classified could have been compromised in the process. The post Indian Defence Research & Armed Forces Computers Hacked: Report appeared first on The Giga Web. |
| Zong Pura Balance: Zong Offers Tax Free Recharge Posted: 09 Mar 2014 10:56 PM PDT
Now with ZonG’s Pura Balance Offer, you can enjoy the full recharge amount without tax deduction i.e. whatever the denomination of recharge, you will get the full amount & tax will be borne by ZonG. All new subscribers (789 activations) joining ZonG's network from 29th January, 2014 till 31st March, 2014 will be the part of this campaign. Disclaimer:
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| Mobilink introduces Desi Cricket Commentary Posted: 09 Mar 2014 10:46 PM PDT
Mobilink has added 'Desi Cricket Commentary' service to its bouquet of voice based IVR services. The Desi Commentary will provide customers with the opportunity to listen in live telecast of cricket matches in the voice of renowned comedian's in Pakistan. Wasif Mustafa, Head of Marketing Mobilink said, 'The launch of Mobilink Desi Commentary service endorses the company's commitment towards introducing innovative and fun-filled services targeted to excite and entertain customers. Through this service, Mobilink subscribers will get a lifetime experience of listening to cricket matches in a way that has never been provided before.' The service is different from other traditional commentary services as it is filled with humor, attraction and amazing opinions of panelist in a unique manner. Apart from the commentary customers can also listen to match highlights and latest happening from cricketing world trough special news correspondents. Procedure & Charges: To avail the Desi Commentary service, Mobilink subscribers can dial 2929 and enjoy the desi touch of comedians. Customers will be charged Rs.8+Tax per hour for listening to Desi Commentary.
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