Category: Blog

Pakistan holds a massive potential for growth in digital payments, online transactions, and cash-less banking due to various reasons. This article discusses the scope and potential of digital payments. Furthermore, the answer to the query of how digital payment benefits Pakistan is also a part of this write-up. 

Introduction to Digital Payments

Digital payments are payments done through digital modules. There is no physical cash involved in this transaction. Therefore, the digital payments are also known as the e-payments or electronic payments. The digital banking is also known as cash-free banking.  

Around the globe, there is a massive increase in the adaptation of digital payment methods. Similarly. Pakistan has also witnessed the growth in the usage of these methods in the last few years. Let’s look up the potential of cash-free banking in Pakistan.  

Pakistan’s Potential for Cash-free Banking 

Internationally it is believed that Pakistan has a massive opportunity to grow economically through the adaptation of digital transactions. It is important to note that McKinsey predicted that the use of digital payments could improve the GDP by 7% in the Pakistan economy. They further put; this can be achieved by the creation of four million (4M) jobs in the adaptation process with a circulation of $250 million in the form of deposits.  

Pakistan can become a cash-free nation through the steps of innovation, cyber-security, risk management, and fraud elimination while the increase of the users of internet via web or mobile devices. With this huge potential, you can see how digital payment benefits Pakistan.  

Available Digital Payment Options in Pakistan 

According to the latest reports issued by the State Bank of Pakistan (SBP), in 2022 Pakistan experienced internet banking users at 9.6 million, which shows a jump of 15%. Similarly, the country has witnessed the number of users of mobile banking apps to be 16.1 million, which is a massive jump of 30%.  

In Pakistan, there are three markets of digital payments in Pakistan.  

1. Digital Commerce 
2. Mobile Point of Sale (PoS) Payments 
3. Digital Remittances 

The country has also seen a rise in the digital banking systems. Digital wallets are one of the prominent parts of digital payments.  

Some of the Best Digital Wallets for Pakistan Youth 

Internet banking is done through mobile apps and web applications. There are also some virtual banks with digital wallets that give the freedom to make digital payments in Pakistan. Other options are QR payments, digital lending and others. Some of the famous and most active digital wallets are as follows.  

• Naya Pay  
• Sada Pay 
• Jazz Cash 
• Easy Paisa 

Anyone can use these wallets.  So, the students, who are doing online earning through freelancing or e-commerce can easily use a digital payment method to set a payment gateway for domestic and international monetary transactions.  These wallets offer all banking services. Money deposits, transfers, bill splits, and mobile balance uploads are a few to name. Furthermore, the bill payments are also strong evidence of the power of digital payment and the benefits Pakistan receives.  

These are also authorised virtual banking systems approved by the State Bank of Pakistan (SBP). Moreover, you can ensure secure payments and money deposits, in addition to safe logins. The physical banks are also now operating through digital apps. Hence, all banks are in the operations of digital payments and benefit Pakistan. 

Benefits of Digital Payment Methods to the Economy 

Now let’s discuss the advantages or benefits of digital payment methods in Pakistan. The market segments are discussed through benefits and advantages.  

1. Digital payment methods make it easy to proceed the micro and macro payments. 
2. Transactions can be done through various modules, including QR codes, mobile numbers, and scanning.  
3. Using digital payment methods is easier and swifter in comparison to the physical transaction.  
4. Digital payment benefits Pakistani consumers as domestic users, international users, consumers and business entities equally.  
5. Digital payment methods are cheaper to use as compared to cash transactions.  
6. E-payments are safer and more secure in comparison to the physical bank.  

Conclusion  

Digital payment benefits Pakistan in various ways. Moreover, this industry has a huge potential for growth and social advancements. With the passage of time, there are chances of advancement of IT infrastructure, communication development through the internet, adaptation of secure banking and the latest risk management and cyber security elements. Moreover, from account opening, biometric verification, and actual transactions, everything is way quicker in comparison to the cash-based banking and economic system.   

Lahore is Pakistan’s second-largest urban centre, with a population of over 1 million. Metropolises often face pollution problems arising for specific reasons. Since 2017, Lahore has witnessed a thick blanket of winter smog causing serious discomfort. Residents have experienced severe health issues, and the increase in accidents was alarming. We have listed the precautions to take when dealing with smog in Pakistan in 2023.   

Understanding SMOG   

Smog is the worst form of air pollution. The etymology of ‘smog’ goes back to the 19th century and combines smoke and fog to make ‘smog’. Smog is a common problem in urbanised areas in the world. However, Pakistan experienced ‘winter smog’ for the first time back in 2017. Winter smog is caused in the winter season and is photochemical in nature. It is a category of air pollution brought on by vehicle emissions from internal combustion engines and factory gases. These pollutants interact with sunlight in the atmosphere to create secondary contaminants, which mix with the initial emissions and result in photochemical smog.   

Air pollution frequently gets near the ground in the winter due to atmospheric inversions. It raises the levels of atmospheric pollution in cities. Los Angeles, Beijing, Delhi, Lahore, Mexico City, and Tehran are the top smog-polluted cities in the world.   

Reasons for smog in Lahore   

Lahore, the heart of Pakistan, has been covered in winter smog in late October for the last few years. The use of vehicles, crop burning, and industrial fuel usage are the local inputs to smog. In addition, the smog that arrives from the neighbouring country India worsens the situation yearly.   

Pakistan shares the border with India in the areas of Punjab and Sindh. Delhi, the neighbouring capital, in November 2021, got the worst five-day haze streak since 2016. Moreover, according to epidemiologists and the World Health Organization, pollution could have caused increased COVID-19 deaths in the same year.   

 Read Also: As Smog Chokes Pakistan, PGC leads the fightback.

Health Problems Caused by Smog   

The quality of air is measured by the air quality index internationally. The Air Quality Index (AQI) worsens during Pakistan’s Smog season. Lahore touches a hazardous level of air pollution during smog. Previously, in January 2022, the AQI level of Lahore in Smog touched 279 points, which is very unhealthy. This year, on the 1st of November 2023, the AQI level crossed the hazardous level of 300 and stood at 442 points. 

Every winter, as winds and rain decrease, a brown haze high in sulphur and metals like lead accumulates over the subcontinent of India and Pakistan.   

People exposed to developing pollution often become seriously ill, have shorter lifespans, or pass away before their time. During Covid-19, the situation worsened in neighbouring India.   

While in Pakistan, doctors advise limiting outdoor activities and wearing masks. In addition, it reduces the use of vehicles and stops the burning activities of coal from reducing toxic emissions. However, during smog seasons, hundreds of people were sickened from respiratory diseases and cardiac problems.  

Precautions to be Taken to Combat Smog in Pakistan  

The precautions to be taken to handle the smog in 2023 before the arrival of the winter season 2023-24 are crucial to be done. The cycle itself should be continuous in nature. Individual precautions and government-level policies are necessary to solve the issue.   

Individual Level Precautions   

The public can also take part in preventive measures alongside the government. Furthermore, people can take the following steps to stay safe while dealing with smog in 2023-24.   

• To reduce exposure, stay away from busy locations when you are outside.  
• If you must have to stay outdoors, wear a mask.  
• Water intake and rest beneath the shades while working outside.   
• Avoid hard labour outside.   
• Avoid driving and smoking to lessen personal share of environmental impact.   
• If you must drive, go slowly and utilise your headlights, fog lights, blinkers, and hazard lights—even if it is late at night.   
• When inside, seal all air inlets, including windows.   
• Asthma patients should always carry inhalers. Also, if you have chronic obstructive pulmonary disease or think your condition might worsen, keep your doctor’s phone number handy.   
• Always keep your inhaler close if you suffer from chronic obstructive pulmonary disease or asthma. If your situation worsens, have your doctor’s number handy.   
• It is important to remember that pollution affects everyone differently, and some people are more vulnerable to its harmful effects.   
• On days with heavy fog, those with asthma, children, and the elderly should exercise extra caution.   
• Bike riders must wear face masks and eye protection.   
• Keep your eyes clean and drink lots of water.  

Government Policies to be implemented  

The government needs to implement long-term plans to avoid smog permanently. Effective precautionary measures are as follows.   

• Permanent reduction in the usage of toxic fuels    
• Permanent reduction in vehicular emissions   
• Optimised traffic management program   
• An effective network of public transport   
• Reduction in waste burning    
• Avoidance of Crop Burning   
• Implementation of modern technology for old brickworks   
• Planned urban development   
• Increase in plantation   
• Evacuate the old vehicles    
• Agreements for regional environmental protection   

Smog affects everyone differently; some people are more vulnerable to its harmful effects than others. Smoke fog or Smog in Lahore has severely affected the people. It is crucial to take preventive measures on an administrative and personal level to combat the smog in Pakistan.   

When it comes to getting a bachelor’s degree, we cannot say that any major is better than others. However, we also cannot deny that our daily lives are all around numbers and figures. Accordingly, these numbers and figures are included in the economics subject. No doubt, economics affect our daily lives, in both subtle and obvious ways. Thus, understanding economics is quite important to manage our day-to-day activities. Well, this is only one of the reasons to get your degree in BS Economics.  So, let’s explore more about the importance of economics and how getting a BS degree in economics can benefit your life! 

Economics – A Brief Intro 

Let’s put it in the simplest terms here; economics is basically the study of resources.  

Overall, economics involves all the methods and practices that help to quantify, optimize, and conserve resources on the level of: 

• Individuals 
• Households 
• Governments 
• Businesses 
• Societies 

Moreover, the broad nature of economics can be broken down into two main frameworks.  

What are they? 

• Macroeconomics 

This is the big-picture study of what affects the economy. The subject includes essentials like imports and exports or the unemployment rate. 

• Microeconomics 

It is a study of resources on an individual and company level. For instance, it revolves around supply and demand. Or else, it is a study of how regulations may affect a business’ bottom line. 

Know the Basic Principles of Economics 

Even though you might not know much about the subject, believe it, this will be an exciting beginning. First, let’s look at the basic principles of economics for a better understanding. 

The Division and Specification of Labor 

Now, we know that everyone has a different skillset or desire to produce a different product. Accordingly, this is why there is a natural division of labor. In brief, a division of labor is the concept about how different people produce products or goods. At the core of economics, this fact has created jobs and businesses that divide different tasks amongst its employees. 

Now just imagine if 10 people create a product. Definitely, they will produce this product in multiple numbers in an hour compared to only one person creating the same product. This means that dividing labor and tasks can increase production.  

With division of labor comes specialization. Eventually, both division and specification of labor work together. As a result, they can produce competitive advantages in businesses and world economies. 

The Scarcity Problem 

Do you realize that everything you consume has a limit?  

As an individual, you must choose how much food you buy or how many clothes you can afford. On the national level, governments must decide how to allocate funds. For instance, they must decide whether to fund the defense section or environmental protection. Well, this is all because of scarcity. 

Every resource, be it human production, skill, or natural resource, is limited. Eventually, scarcity creates a system of supply and demand. Then, this system is altered by each individual’s constraints and choices that affect the whole. 

Markets and Trade 

Lastly, we can see trade and different markets for consumer goods. This is a result of the fact that not everyone can make or do everything. In this context, societies use their goods to trade for other goods that they are not able to produce. 

So, in summary, we can say that from an individual perspective, economics frames many choices we must make about work, leisure, consumption, and how much to save. In addition, our daily lives are also influenced by macro-economic trends, such as market inflation, interest rates, and economic growth. 

Why Should We Care About Economics? 

Now the big question is; why should we pay attention to economics at all?  

The correct answer is that we care about ourselves, other human beings, human communities, and the world that we live in. So far, economics can help us improve ourselves, our lives, our communities, and the world around us. Thus, everyone who cares has a reason to learn what economics can teach. Without any doubt, learning about economics definitely pays off. Furthermore, getting a degree in BS Economics at UCP Colleges will surely benefit your daily life.  

Here are some more convincing reasons to pursue your study in BS Economics! 

Economics Delivers Solutions 

Yes, no doubt, economics delivers solutions and not just a better understanding. More than that, it is particularly important in an era when we are bombarded with information about the problems facing humankind. Well, you might never have thought of economics as uplifting. Yet, as a thoroughly policy-oriented and problem-focused discipline, economics can really be helpful. In fact, economics can offer some degree of hope in desperately short supply. 

Economics Is Responsive to Human Needs 

Economic policy requires input from the community and other stakeholders. Why? 

Because economic science cannot tell us what the most urgent problems in human needs.  

Even a well-considered economic policy will not work in practice without individuals who have that degree. Instead, it needs to be endorsed by economic policymakers and the population to which they are accountable. In simple words, economics can make you become more responsive to human needs.  

Economics Helps Us Invest Beneficially 

If you are considering investing in the stock market or housing market, what can economics teach you? 

Well, learning about it and getting BS Economics degree at UCP Colleges will help you avoid getting caught up in asset booms. What is an asset boom? This is where your confidence gets carried away and you end up buying shares or assets – even though the price has become overvalued. Ultimately, understanding economics can really help us invest in better and beneficial ways.  

Learn Economics Today and Get Your BS Economics Degree! 

Considering how important economics in our daily lives is, it is the right time to learn about it. Well, you can be a professional by getting your BS Economics degree at UCP Colleges! 

So, what are you waiting for? Get your admission today and check out the fee structure and ability here!