Islamabad: Recently, the government planned to introduce a digital payment system for all the essential items, through which all the modes of different transactions can be made via smartphones without any hurdle.
Fawad Chaudhry, the Federal Minister for Science and Technology revealed all the details pertaining to this matter. He further informed the news sources that a plan has already been devised for this purpose.
The Federal Minister for Science and Technology explained that he personally came up with this plan of introducing integrated payment system when he visited China, where he witnessed that almost every payment and transactions are done through the smartphone.
It is estimated by Fawad Chaudhry that in the near future credit cards as well as debit cards will lose their importance and it might abolish due to continuous technological advancements. In the present era, many banks, as well as cellular companies, offer digital payment module for paying off utility bills.
The Ministry of Science and Technology will be developing a technology that will be taking inputs from the banks and the cellular companies for this module, informed by Fawad Chaudhry, the Federal Minister. Additionally, the minister expressed that he has already conveyed the proposal to the finance minister in this stance along with the State Bank of Pakistan (SBP).
By introducing an integrated cellular payment module, the theft of money via credit cards and the debit cards can be minimized. The digitize payment system can help in advancing the technological system of Pakistan, adopting a modern line of revolutionary technological advancement the world is working through. Fawad Chaudhry expects that this system can help the country to overcome technological backlash the country is currently facing.