mobile payment system

Federal Minister for Science and Technology Fawad Chaudry Hussain has planned major changes for Pakistan. After officially launching the Moon Sighting Pakistan website, the minister now wants to introduce mobile-payment systems.

If we compare the western world and other developed countries, we can observe the trend of cash-less and now card-less transaction.

Everything even buying groceries can be done by a simple scan from your phone. The science and technology minister also intends to introduce a similar concept in Pakistan.

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If so, cards will be replaced, which can be a good and a bad thing.

Advantages of Mobile Payment System

There are a number of benefits mobile payment system have over debit and credit card systems. They include:

  1. No need to carry cash or card in your wallet
  2. Keep a track of all transaction with complete history
  3. All essentials including your bank will be on a single device
  4. Keeping up with the global trend
  5. A faster way to check out items as compared to counting the cash or charging the card
  6. Will help you save on transaction fees

Disadvantages of Mobile Payment System

Where there are many advantages, there are also some disadvantages that cannot be overlooked while introducing this kind of payment system in Pakistan. The disadvantages include:

  1. Lack of awareness amongst individuals and lack of mobile payment systems
  2. If your phone is stolen, the data on the phone is at high risk, security concerns
  3. Chance of your data being hacked by scammers and other evil-doers on the web

While technology does have its pros and cons, this still does not mean that this is the future of Pakistan or that this technology cannot be protected.

However, if this technology is indeed adapted to, that means that Pakistan will be working its way to being a card-free country.

What do you think about the decision? Share your thoughts with us in the comments below.

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