Pakistan’s Digital Payments Index(DPI) Coming Soon
Pakistan is to introduce the DPI that tracks how the country employs digital payment systems. The index, therefore, measures how actual and extensive the adoption of digital payments has been in different areas and improves the digital payment infrastructure by mentioning in what areas the state must improve.
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DPI-What does Digital Payment Index stand for?
The Digital Payment Index will act as a tool to measure the proper utilization of digital payments across Pakistan regarding the users’ number, performance of systems, and people’s knowledge about payment options. This would allow the government and other institutes to determine which areas are in dire need of improvement and how to make digital payments more accessible for people.
Why Does Pakistan Need a Digital Payment Index?
Many countries in the world have developed their indices that track payments made through digital means. Here is a case of Mastercard Digital Payment Index, with payment trends in Hungary, Romania, and Greece.
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Pakistan’s DPI will focus its attention on such key areas as follows:
Availability of Bank/Mobile accounts
Usage of Card payments
Availability of Instant payments
Availability of QR code payments
Availability of contactless payments
Availability of Mobile Payment Services
With these fields in consideration, DPI will henceforth give an exact picture of the usage of digital payments in Pakistan. It would also touch upon the areas that need improvement, like the availability of mobile payments and awareness of cashless payment methods.
Objectives of Digital Payment Index
The DPI shall aim towards the following objectives: To track digital payment growth: It is a clear way in which DPI shows how digital payments are being adopted across the country.
To offer useful insights: It will give valuable information to businesses and government officials to help them make better decisions about digital payments. It will track payment and spending trends: The index will indicate how frequently the public makes use of digital payments and how much they are spending through digital channels. It will make the user experience even better: Understanding how easy, safe, and accessible digital payments happen to be, DPI will help smoothen the payment process for consumers. Create performance goals: The DPI will set standards to measure success in different areas and sectors of digital payment systems.
Compare Pakistan’s progress with all other countries: The index will enable Pakistan to compare its digital payment growth with that of all other countries and identify areas of required improvement and implementation of best practices.
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Pakistan’s Digital Payments Index(DPI) Coming Soon
This new measure would be designed by Karandaaz Pakistan in collaboration with the State Bank of Pakistan (SBP). The two organizations have thus collaborated in the past to launch RAAST Payment System, which offers easy and affordable instant digital payments.
It would collect data that ultimately helped in the development of the index, in essence collecting information gathered all over the country to present an overall picture regarding the use of digital payments. The index will be updated periodically with the data coming from SBP and other sources with the aim that it keeps reflecting the most recent trends in the use of digital payments.
The launch of the Pakistan’s Digital Payments Index(DPI) Coming Soon will benefit Pakistan’s economy because it will assist policymakers, banks, and businesses in making smart, data-driven decisions related to digital payments. With detailed identification of areas that require improvement and tracking changes over time, DPI will play an essential role in modifying Pakistan’s financial system.
The DPI will help build a stronger and more inclusive digital economy, making it easier for people across the country to use digital payments. This will help Pakistan stay competitive with other countries in the long term and ensure that everyone gets to share the benefits of digital payments.