Use of internet banking on rise in Pakistan

ISLAMABAD: The adaptation of Internet and mobile banking has witnessed a remarkable growth in the number of users and their use of the banking services through advanced and convenient channels are on the rise.

Pakistan Telecommunication Authority (PTA) has issued the ‘Regulations for Technical Implementation of Mobile Banking, 2016’ to formulate the mechanism of introducing an interoperable mobile banking model.

Under these regulations, PTA has invited applications for the issuance of Third Party Service Providers (TPSP) licenses that will bring true interoperability between the CMOs and financial institutions.

TPSP licenses also specify the quality of service benchmarks and security standards required for protecting consumer sensitive data and transaction data.

Authorized banks and CMOs are also required to put in place an effective complaint handling mechanism. It is expected that the TPSP licenses will contribute towards Government’s National Financial Inclusion Strategy (NFIS) for the inclusion of the financially unserved population into the documented economy.

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