E-banking: Follow To Trend

Do you remember how easily world proceeded from using floppy disks towards CD’s and then moved on from those towards the use of USB’s for soft copy storage purposes. This is one of many examples which proves how the digital world unlike the human world is in no favor of following traditions except one tradition that is to take the already existing technology towards a more advanced, progressive and futuristic level.

The article “Nothing Traditional” manages to cover this stream of thoughts. We see tons of examples around us to validate that digital world follows trends and not traditions. We saw the world move on from paperback books to Kindle, Wattpad and E-books. Similarly the world got habitual to swiping cards instead of cash payments and further advanced towards online transaction and codes scanning.

For the past two years the world has been made to follow the ‘stay at home’ routine and deal with things online due to Covid19 which has given certain things a way to interact with the digital world advancing it to make new trends as the requirement of the time.

Food, groceries and even services were being delivered on door steps and since the world was no strangers to online transactions majority easily switched to online payments and e-banking. Those who weren’t familiar or well-acquainted Covid19 made it a necessity to get updated and that necessity gave the world of digital financial transactions a boost.

Digital financial transactions keep hiking to new heights in Pakistan. According to a Business Recorder article during just the period of January to March 2021, it was informed that bank customers were involved in e-banking transactions worth 309.5 million that value Rs.22.5 trillion which registered as a 31% volume growth and 29% value growth.

State Bank of Pakistan states that:
“Most of the uptake in e-banking transaction was seen in the internet banking and mobile banking transactions.”

Earlier we acknowledge the transition from cash payments to swiping cards but due to Covid19 and the need of time the world shifted from swiping cards to taking banking and transactions into their hands literally; all you need is your account number and a gadget.

Following up with this notion, PayFast frames cash on delivery to be outdated, PayFast supports this statement with a bunch of figures showing boost in the overall and individual digital financial transaction routes.

As observed there was an increase in mobile banking users by 29% while internet banking users grew by 32%. These figures can be deemed accurate as Banks/MFBs report that:
“We have observed a decline in the number of branches, showing that the industry is slowly realizing the benefits of digital payment infrastructure that the digital channels bring to the overall consumer experience and its impact on the bottom line.”

This reported observation also lets us know about Pakistan’s infrastructure of digital financial transactions, their service providers and how functionally resilient they have been around the year. This has been the reason ecommerce merchants capitalized on these upward facing trends by 78%.

State Bank of Pakistan recorded significant growth in the area of country’s digital payment systems and foresees the horizons broadening in further future.

The expected growth momentum and payment system modernization in Pakistan is considered to be of key priority not just for the new generation or as they like to call themselves GenZ and the millennials but also for the rest of the public, entrepreneurs, ecommerce merchants and initiatives such as PayFast, etc.

So when you let the digital world follow trends and not traditions and much more crucial you keep a track of those trends, as soon as they start trending, you see new eras that bring excitement, innovation, learning and grounds to experiment more. Digital world always makes us learn that in pursuit of trends what lies is efficiency and consistent development which is followed by many.

So it is logical to end this article with this statement that Digital world will make trends that many follow and you can always follow it to trend amongst many but the secret is to dive in straight away!