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The use of digital channels for banking transactions has witnessed significant growth in the recent crisis of Covid-19 pandemic.

Pakistan is going through a perplexing time with the Covid-19 pandemic while the Banks are playing an active role in providing diverse financial solutions to the masses by promoting the use of digital banking on a large scale. According to statistics shared by Telenor Microfinance Bank, Easypaisa has witnessed a 35 percent increase in new activations. Old customers using the service again have gone up by 25 percent as well. The number of daily transactions from the Easypaisa application has grown by 17 percent since the lockdown.

There has also been an increase of 184 percent in bank transfers and around 15 percent growth in airtime and bundle subscriptions in overall transactions.

Collaborations with numerous organisations such as Zakat and Ushr Department of Punjuab Government, Pakistan Bait-ul-Mal and other poverty alleviation programmes have also been made possible with an aim to develop a cashless society for a digitally inclusive Pakistan.

At the same time, the Easypaisa service has joined hands with leading organisations to initiate direct digital payments minimizing the cash role in the economy and also in the potential spread of Covid-19.

Simultaneously, QR payments have been introduced at numerous retail outlets to allow cashless shopping experiences that help ensure health and safety of all those who are out for their necessary chores. Telenor Microfinance Bank along with Telenor Pakistan has also pledged Rs 1.6 billion, in cash and kind, towards Covid-19 relief efforts.

The Easypaisa App has also introduced a host of new and innovative features such as live Corona updates, health service, and other features which greatly benefit users. These options together with the ability to transfer money, receive international remittances, purchase airtime or data bundles, make bill payments and donating to various charity initiatives have enabled users to continue their daily lives despite strict lockdowns across the country.

Copyright Business Recorder, 2020

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