In 18th century tradional paper notes were introduced and still used all over world including Pakistan. Currency notes are used in day to day transaction in Pakistan. Need for more currency notes were faced in bigger transaction which was satisfied by banker cheque and after words online bank transfers. Keeping and handling of currency notes becomes an issue with passage of time. Street crimes a lot of money was looted all over world and same happens in Pakistan.

Electronic money introduced by banks was a game changer according SBP 60% of the cash drawn in Pakistan is through ATMs. Plastic cards has reduced usage of currency notes. Online banking services has changed the behavior of customer. Now utility bills and sell phone bills are payed through online banking and banking apps, however customer trust is still low on these services but trend is increasing as it is most stress-free way to pay your bills now.

The new trend which nation is consumer are adopting is digital transactions according SBP currently 15% consumers use digital currency but the changing market dynamics and consumer interest in digital transaction is the reason experts are forecasting a high growth in in this market. Micro finance banks are increasing rapidly as demand of digital financial services increasing. Digital transactions are secured and we have not gone through any event which may cause stress for consumer till now, it is because of strict regulations from SBP which is keeping it clean and clear. Issue with digital transaction is accessibility in open market transactions. Mostly small businesses are yet not familiar to this type of money transaction and consumer can use it for few options only. The attraction of discounts on digital transaction is also another major reason of attracting consumer attention. If the frame works as it is going soon Pakistan will also be a country like many other developed countries where branchless banking and digital transactions will be major mode of payment.

UBL master pass, Jazz cash quick pay and fone pay are currently providing QR scanning payment mode. All companies are well known businesses in Pakistan and this move will surely give them an edge on their competitors in upcoming time. According to experts such payment modes will soon replace tradional notes or even card swapping payment mode as transaction is completely in hands of consumer.