He said that this will provide integrated solutions to the banking and telecom consumers, besides, it will help evolve a trustful relationship between the service provider and consumers. He apprised the audience that PTA has always played an important role in the regulatory progress and technological developments, and this technology would greatly help in the expansion of industry.
Meanwhile, Director AKNMTECH, Pakistan, Zahoor Motiwala, urged for implementation of a harmonious union between the telecom and financial services sectors. This initiative will help expand a new arena of financial services for the consumers to interact via protected and patented channel, he maintained.
Pakistan has experienced a robust growth in the telecom sector during the last few years, from five million subscription mark in 2004 to 94 million in 2009, posting a teledensity of nearly 60 percent. PTA ICT Directorate and AKNMTECH have ventured upon this enterprise to provide financial management empowerment to the consumers, which would provide them with the fiscal flexibility and confidence of conducting their banking transactions reliably through their mobile phones using simple medium of SMS.
Furthermore, this platform proposes a harmonious uniformity whereby banking and telecom institutions can integrate their respective services to it and further enrich the quality of service for their consumers. It provides an engaging, efficient and secure platform for mobile and banking services providers to offer their customers a mobile banking facility, according to PTA.