In this article, the development of digital payment methods in Peshawar will be discussed. The digital payment method has the potential to convert the Pakistani Market cashless.
This means that businesses won’t any longer be able to pay through cash, instead, they will use a digital payment method to transfer funds.
In Pakistan, digital payment has been shown the green signal, as Zia Ullah Bangladesh who is the advisor to the Chief of Pakhtunkhwa.
The digital payment method has been started developing, this is because according to Zia Ullah Bangladesh since Pakistan is moving towards digitalization.
However much before the digital payment method was shown the green light, Prime Minister Imran Khan had Digital Pakistan Vision.
The Digital Pakistan Vision highlighted the importance of digitalization and how much importance exponentially growing technologies should be given in order to achieve the Digital Pakistan Vision.
One of the other aspects of The Digital Pakistan Vision was to also invest and promote technology in the province and throughout the country.
The Digital Pakistan Vision has a positive influence over the decision to develop digital payment methods made by Zia Ullah Bangladesh.
The digital payment method will hopefully be set up by June 2021 in Khyber Pakhtunkhwa. The importance of digital payments method will have a positive impact on the country, this is because it will simplify the payment systems for businesses.
The digital payment system will have a positive impact on businesses, especially because for example, a merchant wants to sell wholesale material they have bought to a company outside Pakistan.
The merchant would have to pay a lot of stuff, on different aspects such as shipping of material cost, its duty, and the price at which merchant will sell will be reduced a lot.
But the digital payment method will resolve this problem, as it would allow merchants to sell their material to other countries but the customers will be payable in a foreign land. Also, this will allow the merchants to collect their payments remotely.
The digital payment will also improve the accessibility of purchase, this is because usually people carry credit cards or cash and would visit ATM to take money out of their bank account in order to purchase things.
But the digital payment method will allow the people in Khyber Pakhtunkhwa to not carry cash or credit cards nor able to visit ATM. Since at times, some areas in cities aren’t good areas to traveling with heavy cash. This is because there is a chance of robbery which people may encounter while taking money out of their ATM.
The digital payment method is a great, and valuable step towards digitization in Pakistan. The digital payment methods will provide great convenience to the people of Khyber Pakhtunkhwa.
It will also reduce the loss of money due to fake currency for businesses in Khyber Pakhtunkhwa. It will also reduce the chances of people getting mobbed during late nights or during daylight while taking their money out of their ATM.