Regulatory framework for mobile banking to be finalised soon

[Lahore_Real_Estate]

KARACHI: Pakistan Telecommunication Authority has joined hands with the State Bank of Pakistan to produce an all – inclusive mobile banking regulatory frame work which is to be finalised very soon, Dr. Muhammad Yaseen, Chairman Pakistan Telecom Authority said. He said this while addressing as the Chief Guest to the 3rd International MCB Mobile Commerce Conference-2010 organised by MCB Bank in collaboration with the PTA and Total Communication Thursday. Dr Yaseen said billions of mobile and online internet users worldwide are creating huge opportunities for the development of new means of commerce like e-commerce and m-commerce. However, the industry’s growth and its development impact can only be maximized, if stakeholders work together towards identifying the appropriate policy and business models that can achieve scalability. He said, “we have joined hands with the State Bank of Pakistan to produce an all inclusive mobile banking regulatory frame work which is to be finalised very soon”. He said the global mobile money industry has grown significantly in size and scope and there are various modes of transactions via your bank branch, call centers, IVR, ATM online and mobile phones. Amazingly, the lowest of all is mobile money transaction costing around $0.08 per transaction. He said the mobile money not only provides convenience but the lowest transaction cost as well, according to the World Bank, Pakistan is amongst the top 20 remittance – receiving economies with a size of $6.1 billion by 2007. This proves realistic market availability for kick starting various modes of mobile money, he added. staff report