World Bank: Pakistan leads South Asia in mobile money
In a World Bank report, Pakistan emerged as the leader in South Asia.
In a World Bank report, Pakistan emerged as the leader in South Asia with nine percent of its male and two percent of its female citizens using mobile phones to perform financial transactions.
India lags behind in second place with three percent of its male and one percent of its female population making financial transactions through cellular phones.
The report also indicates that an average three percent of people in South Asia used a mobile phone to send or receive money in 2014.
With 93 percent of Pakistani adults lacking access to formal financial services as only seven percent are reported to have a bank account, mobile transactions are gaining traction in South Asian nations.
Figures reveal that 54 percent of Pakistani adults own a mobile phone. The widespread use of mobile phones is an opportunity for financial inclusion through mobile banking.