Why is Pakistan turning towards digital wallets?

Pakistan’s increasing population of freelancers need ways to be paid directly into their wallets. This problem is being overcome by the formation of digital wallets.

Many freelancing opportunities have previously been cut off for the younger population due to payment problems.

Sada Pay’s new facilities

Sada Pay has been making splashes since day 01 for their convenience. Their digital wallet has been working for the convenience of the Pakistani people.

Their recent integration of Apple Pay and Gpay has made headlines. It provides a tremendous opportunity for people to freelance by providing them with a variety of digital wallets for their finances.

This product works well, according to the public that has used it. With more and more people turning to it for their needs.

Pakistan State bank’s new framework

Pakistan’s State bank has also offered a new framework. It allows the public to open an Exporter’s Special Foreign Currency Account to retain their dollars. It will greatly help Pakistan’s freelance community.

Exodus of EMIs

However, the new developments are not all in favor. About twelve of the Electronic Money Institutions (EMIs) have had their approval revoked.

TAG had their approval removed because of fraud. YAP exited the country because it didn’t flourish. Finja also sold its business and left the country.

Pakistan’s economic instability has contributed to the exodus of Electronic Money Institutions (EMIs). It is a tough business that requires constant innovations to keep up with the tech advances in the world.

The number of e-wallets has risen exponentially in Pakistan over the last year. Only two serious e-wallet companies are pursuing business in Pakistan and those two managed to get a whopping total of 2.02m e-wallet accounts.

The most important upgrade of digital wallets is the cross-border upgrade. People can make their payments outside of Pakistan with the help of these wallets. It can be done by their freelancer segment which is a huge development for the community.

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