Pakistan wants to paint on its economic progress strategy.The country has a population of more than 210 million, but its GDP has grown so fast.
The country’s GDP is around $300 billion and the average source of income is around $1,500 a year, which is well below the global average. In fact, it is not enough to maintain a decent popular life, as the maximum of other people cannot fundamental desires such as access to quality education and fitness care.
As reported in December 2019, Tania Aidrus, Google’s former director and invoices and former country (Singapore) for emerging markets in South Asia at Google, had returned to Pakistan after spending 20 years abroad.
Aidrus will now lead Pakistan into the virtual era.The MBA graduate of the Massachusetts Institute of Technology shared her plan and vision to lead the country’s virtual transformation efforts in the opening rite of “Digital Pakistan” in Islamabad on December 5.
Emerging technologies (Emtech) such as AI, Big Data, Internet of Things (IoT), device learning, robotics, automation, and cloud computing can be used to upgrade Pakistan’s existing infrastructure so the country can streamline its operations.
Financial technology companies (as well as start-ups in other sectors) in more evolved countries have already leveraged Emtech to enable monetary inclusion and provide greater business opportunities for Americans and businesses.
The Pakistan Digital Initiative proposed through Pakistan’s Tehrik-e-Insaf (PTI), the country’s ruling political party, some Pakistani citizens see the move as a sign that the government is taking seriously the sale of virtual generation adoption in the South Asian country.
As Pakistan’s Technology Times first reported, the ITP government recently updated virtual banking infrastructure and facilitated online bills, having to complete a lot of paperwork.
Debit or credit cards are also less difficult and increasingly accepted at physical points of sale as well as on e-commerce sites.College academics can pay for their tuition online, which wasn’t backed by many colleges until recently.
Pakistan is reported to have more than 165 million cell phone subscribers.It has about 70 million people using the Internet and 60 million smartphone users.
Dr. Arif Khan, Deputy Coordinator of the Electronic Governance, Performance Management and Reform Unit (PMRU), Khyber Pakhtunkhwa (a province of Pakistan), told the PPP that Pakistan’s first task concerned the launch of the Citizens Portal where local citizens can access government services.
Dr. Khan showed that Pakistan is focusing on its national virtual transformation strategy.
As previously reported this month, Pakistan experienced a build-up of virtual invoices following the COVID-19 outbreak.
The adoption of fintech in Pakistan is underway with Japan Communications and Saffran Group committing to invest in local monetary generation projects (July 2020).
In April 2020, Pakistan’s transaction clearing facilitator, NIFT, partnered with Fintech Haball to introduce contextual B2B payments.