INP-WealthPk
Digital Payment System to Generate $263 Million Revenue By 2025: PTA
March 08, 2022
By Aitizaz Hassan ISLAMABAD, Mar 08 (INP-WealthPK): The digital payment system of Pakistan is developing continuously in both private and public sector. The government of Pakistan is keen to develop its soft currency on the concept of digital economy, said Pakistan Telecommunication Authority (PTA). According to the PTA annual report for 2021, the sector of digital payment will create up to 4 million jobs in Information Technology (IT) industry and generate $263 million revenue by 2025. The digital market will also produce $36 million by capturing the potential market in the future. The structures of Information Communication Technology (ICT) are significant contributor to payment systems and provision of payment services. They are also important for access to and usage of transaction accounts. Over the years, branchless mobile banking has shown tremendous growth based on Financial Technology (Fintech) and it is contributing significantly to the sector of digital payments. The mobile banking network has expanded to over 534,460 m-banking agents and 74.6 million mobile wallet accounts, according to the PTA report.
