Payments News

Digital Impact Low in Pakistan

It is perhaps not surprising that mobile money wallet registrations increased to 19% in 2022 compared with 9% in 2020 given that only 19% of adults have a registered bank account. It appears that having a bank account is not seen as necessary since the Karandaaz Financial Inclusion Survey 2022 (K-FIS), a nationally and provincially representative survey tracking financial inclusion, heard that 68% of those without one ticked the box, ‘do not need one and have never thought of using one’.

Reasons for not using mobile money, despite 63% being aware of at least one mobile money service, were a lack of need, 53%, being unaware, 42%, and not having enough money to make mobile money transaction, 43%.