Having access to the digital world is everybody’s right. And, this can be adopted by any nation being within the rules made for that. With a mass inclination of the world toward digital banks, Pakistan is not behind. Now, if you are wondering about Digital Banking In Pakistan, this blog will help you know the exact face of the digital banking condition in Pakistan.

There are a few banks that are popular in Pakistan, TAG is one of them. TAG lets Pakistanis experience early access to digital services: bill payments, fund transfers, etc. Along with it, users who are outsiders or non-Pakistanis can get their digital bank account opened on the Roshan Digital Account.

Future of Digital Banking In Pakistan

Pakistan is not an open country in terms of the digital world. However, its government has understood the importance of the adoption of digital services and saw unbelievable growth and feasibility. Due to this, the head of the nation has decided to allow the operation of digital banks that are both domestic and outsider.

Understanding through figures: Pakistan, by 2020, had a population of around 220.9 million. That’s huge and sufficient to use digital banking services. But, the total numbers of people who have digital bank accounts are only 50.5 million. This depicts the pathetic condition of digital banks and because of it, the govt. has now taken step towards increasing the number in forthcoming years.

Now, you should be well aware of the difference between ‘Online Banking’ and ‘Digital banking.’ It is one of the most common confusion that is spread among users.

Starting with online banking, online banking is a different form of traditional banking in which you get access to internet banking after you get your traditional bank account opened. However, it’s quite different in digital banking: you get your account opened online only. For that, you need to submit the required documents and then complete the process right from the comfort of your home.

Naming some of the popular traditional banks in Pakistan, there are so many because of the less digital awareness and accessibility of resources as well.

Meezan Bank, National Bank of Pakistan, Habib Bank, and Standard Charter.

The emergence of Digital Banking In Pakistan happened in 2021. In Pakistan, the number of adults having bank accounts is only 30% and the rest are out of the reach of banks. But, with the shift toward digital banking, it’s come an opportunity for those who are cut off from banking for many years.

The Advantages Of Digital Banking In Pakistan

In a country like Pakistan, the starting of digital bank services is a big opportunity. Here, people would go to physical branches to get their work done. However, it has changed since digital banking came. But still, the awareness is shortened about how these digital banks should be used and how to take most of the benefits from them. This is why; we have provided some advantages of digital banking that you should be taking while using it in Pakistan.

  1. All banking features in one place

Fund transfer, loan, requesting money, sign-up, and other related work could be done in a place. This could be your digital bank’s application or the website. You access them and get your task completed here, with so much ease. All the features provided to you will vary from bank to bank. And therefore, it’s necessary to focus on the features first to make sure you are getting benefits from them.

  1. Broader accessibility range

Being online helps to flourish more rapidly than the traditional way of banking. Because of easily accessible, people who are even from remote areas can use it for their banking started.

  1. Giving control of the finances

As we know that digital banks have either the website or application which users choose to perform their banking acts, it simultaneously is a representation of money control. Your funds are in control of you. You can anytime get access to it and use it.

  1. Secure as treasure

Having control over it, it is secure as well. You can either put a password or any security to make it more secure. Otherwise, these digital banks are made keeping security points in mind. This means, your funds are secure from outsider forces of any kind.

Let’s have a look at the digital banks in Pakistan.

TAG

TAG is the first digital bank service offered in Pakistan. It is easy to operate and suited for Pakistanis because of its free and simple interface.

Along with it, users can also register on TAG without paying any fees: Registration on TAG is free of cost. It is best to manage funds and the registration for the account can happen from TAG’s website.

Unlike other digital banking services, you do not require maintaining a minimum balance to keep your bank running; however, it is a zero balance-based account.

After the registration on TAG, you would be able to get TAG Visa Debit Card. TAG’s Visa Debit card can be used at many places where online payment is accepted: Supermalls, ATMs, Gas stations, etc.

As soon as you register in TAG, you get a personal IBAN account number. This is useful for receiving payments from outside of Pakistan too. Further, with the help of TAG, users can send and receive payments across Pakistan that too for free and instantly.

Meezan Bank Roshan Digital Account

In the list of Digital banking in Pakistan, Meezan Bank has a special place. It is one of the oldest and largest Islamic banks in Pakistan. Meezan Bank has also understood the problems of outsiders and let them offer Roshan Digital Account to get their digital banking journey started.

With the help of Roshan Digital Account, users who are living in Pakistan but are from other nations can easily register themselves and start using it, without having any issues. And, the account will be activated within 48 hours of its registration.

Along with it, some prospective users will have permission to make savings and current accounts in foreign currencies only. Additionally, users can get debit cards and checkbooks for account opening here. Further, you can also pay bills, and other payments through this bank easily.

Habib Bank Limited Roshan Digital Account 

Habib Bank Limited was founded in 1940 and is a renowned banking service in Pakistan. It has changed as changing technology. Even after being a traditional bank, it has found the need for digital banking and came out in the form of Roshan Digital Account, which could be used by overseas Pakistanis to get their account opened.

With Habib Bank, you can invest in stocks, you can spend money for purchasing goods with the help of a debit card issued to you, and also other perks are associated with it.

Standard Chartered Pakistan Roshan Digital Account

Standard Chartered is another bank that now allows its users to open accounts, for those who are living abroad. Before that, it was only Pakistan residents who were allowed to open accounts here. Along with that, other perks like debit and credit cards, checkbooks, and allowing for sending and receiving money are provided without any restrictions.

With the coming Roshan Digital account format, every bank in Pakistan has adopted it and made others be part of these banks – even if the user is living out of the boundary of Pakistan.

Roshan Digital Bank Account is an initiative taken by the State bank of Pakistan to benefit those who live outside of the nation. Through this, users can now open their bank accounts and now can do whatever is allowed to others on the digital banking platforms.

In the end!

Situated beside India, Pakistan is continuously adopting new banking services (digital banks) which are fulfilling the need of its citizens. It is important for the nation’s growth and the users’ demands that can only be fulfilled when provided a source for that. Digital banking is the rising sun for enlightening the economy of every nation. It also contributes to the development of a nation’s living.

Digital Banking In Pakistan is is a fair step, taken with the purpose of solving netizens’ problems (related to banking) at the minimum cost possible. Alongside, it could be seen growing the economy to some extent.