Fawad Chaudhry wants to end debit, credit cards in Pakistan

[Baby Leone]

and i dont know why every indians have to start chest thinmping on every Pakistani thread. who asked you about 1 or 2 billionaires india have with 700 million poverty stricken people? why you need affirmation of Pakistan for credibility of any indian company?

lol about 18 billion $ even only 0.5% indians use something online the cost goes in billions as you have billion plus baboon so stop chest thumping and stay on topic which is about Pakistan not some random indian company huh

Idk why we South Asians always want a confirmation from some random westerner to certify the credibility of a product or a certain aspect. FYI, PayTM is valued at $18bn and is soon to reach $20+bn with companies like Berkshire Hathway, Soft Bank & Alibaba investing in it and it's owner Vijay Shekhar Sharma is a billionaire worth $2.5bn.

None of pakistan's mobile payment systems are remotely close to what PayTM is and we don't need an affirmation from a western journo. Also, India stands 2nd next to China when it comes to mobile payments

https://inc42.com/buzz/paytm-to-raise-2bn-from-softbank-ant-financial-on-its-way-to-18-bn-valuation/

https://www.forbes.com/sites/greatspeculations/2018/12/03/is-paytm-worth-20-billion/#608291b24439

https://www.emarketer.com/content/china-and-india-lead-mobile-payment-adoption-for-2019

 

[Zapper]

and i dont know why every indians have to start chest thinmping on every Pakistani thread. who asked you about 1 or 2 billionaires india have with 700 million poverty stricken people? why you need affirmation of Pakistan for credibility of any indian company?

lol about 18 billion $ even only 0.5% indians use something online the cost goes in billions as you have billion plus baboon so stop chest thumping and stay on topic which is about Pakistan not some random indian company huh

Well you were the one who started breast thumping that some random westerner mentioned about Pak's cashless society and didn't mention the same when visited India which is irrelevant to my initial post to what you replied.

I just responded in kind stating the obvious

 

[ps3linux]

@ps3linux

You already know my reply, cybersec is way below par in Pakistan and personally I think android is less of an OS and more of a spyware. Easiest to crack.

BTW: 2017 data suggested pakistanis had 49 million banks accounts in CA/SA and mobile wallet with tellular operated banks are not included in the data meaning microfinance bank accounts are not included in this data. With the push toward documentation of economy i think the number would have gone to something like 53 million bank accounts. (Correction as per SBP June 18 report, bank accounts stood at 53.11 million) only scheduled banks micro-finance banks not included.

 

[Baby Leone]

Well you were the one who started breast thumping that some random westerner mentioned about Pak's cashless society and didn't mention the same when visited India which is irrelevant to my initial post to what you replied.

I just responded in kind stating the obvious

so when ever i will meantion some good about Pakistan you will bring india thats some real vedic logic

stay on topic now and try to digest good thing about Pakistan without butt hurt (i know its impossible for indians)

 

[Zapper]

so when ever i will meantion some good about Pakistan you will bring india thats some real vedic logic

stay on topic now and try to digest good thing about Pakistan without butt hurt (i know its impossible for indians)

Lol you're the one who couldn't mention a good thing about Pak without bringing up India into it and a totally irrelevant nonsensical response to my original post. If you feel I'm having a butt hurt, I surely am looking at your economy

 

[TopCat]

mobile phone payment system. is he crazy? who will ensure the cyber security of a smart phone and how many people in pak can afford smart phone?people are reverting back to traditional cheque system after so many frauds through debit card and now this idiot says every thing will be through phone which will further make things easier for cyber criminals. just last week watsapp reported of a major security breach by israelis. i am sure fawad ch will not stay at this post either for long.

This is a very big company in Bangladesh and have 400 crore taka transaction per day.
https://www.bkash.com/

 

[Mr ambassador]

Finally government has taken my idea of ToT ( Taxation on Transaction ) from this prestigious forum .

Will i get civilian award for that ?

https://defence.pk/pdf/threads/my-idea-to-make-pakistan-one-of-the-richest-countries.576623/

 

[KAL-EL]

It was once back in early 2000. My cousin had one. Apart from the financial aspect the card had other advantages as well like when my cousin was stuck at Jeddah airport, he saw an american express counter and went there for assistance, and they made him, brought a Starbucks and within the next half an hour all his documents and passport were cleared, taxi called and made him on his way.

It really is true that apart from the financial aspect, American Express Has other advantages for their customers.


I got one Of their cards (cash magnet) Recently and I like it.

I think first priority should have been bringing paypal

Absolutely true! I’m still rather shocked it’s not there yet. Hoping you guys and gals get it soon.

 

[Darth Vader]

Credit Cards and Mobile Payment is the way for the future.

Its much better than trade daily happening with Cash which has no oversight.
Corruption will become much harder with cash less society as its much easier to trace
In Regards to SECURITY ISSUES they should give enough time so proper security systems are on places

When less people carry high amounts of Cash and with limit on Withdrawal it will lower street crime rates as well.
With Mobile Payment options smaller companies wont need to pay to banks

 

[I S I]

Remove this donkey from ministry FFS.

 

[Blueskiez 2001]

Again a very good initiative from Fawad.

I have no need for at wallet anymore in Denmark. Every thing is done by either card or mobile pay.

And taking this to the level where you pay with your mobile pay is very good because the spin off effect are very good for the economy.

 

[khanmubashir]

even Apple had launched Apple card

why not just go for biometric I'd pay systems ???

 

[Fracker]

The problem is that Pakistan, as I understand, does not have central banking System thus though these things exist they are not integrated thus allowing for mass use.

:

First line is completely wrong. Easypaisa, UPay etc all are link with bank's and regulations are coming from state bank.
All bank's payment systems are link with two main switches, MNET and 1Link, then these switches are connected to state bank for AML, intraswitch, and other intra bank transaction within the country.

In short, if anyone want to transfer money from mobile wallet of easypaisa to UPay infrastructure is already available and established from 2002. It's just service providers like bank's and telecom to provide service. The only reason government can involve is to regulatory requirements. That's it.. reset everything is there

The problem is that Pakistan, as I understand, does not have central banking System thus though these things exist they are not integrated thus allowing for mass use.

What Pakistan requires is real time central banking system with instantaneous transfer irrespective of which bank you have accounts with.



Credit card is not everyone's cup of tea, however in Pakistan many people have phones and that too smart phones of one type or another. Thus it can allow capturing of those sectors who are operating cash only.

There are two set of security risk:

1. Government level risk or corporate level risk as you have identified. These risks are hard to control even if you try your best. Recently it was learned that data from one of the underwater sea cable was being re-routed through China thus exposing all data on that cable for analysis. This is next generation warfare.

2. Second set of risk is criminal risk whether it be individual level or organised crime. This is where consumers will lose their money in large amount.

By credit card I meant cards in general. Also card systems are well established and more secure as compared to phone payment systems. Which are still fresh and prone to hack. Infact most of the Android especially Chinese cheap phones do have pre-installed Trojan and spywares.

Same time cards has limits and different types of products are available from prepaid to credit to debit.