Mastercard New Payments Index 2022
\n Karachi
\nAdoption of a broader range of digital payment methods is accelerating in Pakistan and the technology fueling the future of payments is already here, according to Mastercard\u2019s New Payments Index 2022. In addition to being aware of solutions like digital cards, biometric payments, BNPL (Buy Now Pay Later), and open banking, consumers in Pakistan are increasingly and actively using these solutions in their everyday lives.
\nMastercard\u2019s New Payments Index 2022 found that 89% of people in Pakistan have used at least one emerging payment method in the last year. The research shows that 31% have used a digital money transfer app and 19% used biometric payments. Consumers are also making purchases in increasingly diverse ways, for example through voice assistant, through digital assets, through social media apps, and through mobile apps.
\nUsage of digital payments increasing, use of cash declining
\nWhile traditional payment methods still have traction, one in ten (12%) consumers in Pakistan indicated they used less cash in the past year. By contrast, 68% of Pakistan users (compared to 61% globally) increased their use of at least one digital payment method in the last year, including digital cards, SMS payments, digital money transfer apps and instant payment services. These behaviors are expected to continue, with comfort and security key to growing adoption.
\nThe Index confirmed security is top of mind when deciding what payment methods to use, globally and in Pakistan (48%). In the region, security is followed by considerations for ease of use and promotions. Highlighting sustainability as a key driver, 28% of Pakistan consumers said they also consider social and environmental benefits.
\n\u201cIt is exciting to see the increased adoption of emerging payment methods and consumers\u2019 eagerness to reap the benefits of the digital economy in Pakistan and across the region. Mastercard is committed to understanding the needs and preferences of the people in the markets we serve, and we will continue partnering with the public and private sectors to develop market-relevant solutions as we build an inclusive and connected digital future that works for everyone,\u201d said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.
\nThe Mastercard New Payments Index 2022 further shows:
\nHigh awareness of Buy Now, Pay Later (BNPL) Installments as a budgeting tool
\nThe majority of Pakistan consumers have heard of BNPL with 66% saying they are familiar with the concept, and over a third (36%) are already comfortable using it today. Consumers want the flexibility and convenience of BNPL, but with the sense of security associated with a trusted provider like a bank or payment network.
\nThose that have used BNPL find it useful for emergency and big-ticket purchases, as well as increased purchasing power. Consumers also find BNPL useful for unique use cases, including as a budgeting and financial planning tool.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mastercard New Payments Index 2022 Karachi Adoption of a broader range of digital payment methods is accelerating in Pakistan and the technology fueling the future of payments is already here, according to Mastercard\u2019s New Payments Index 2022. In addition to being aware of solutions like digital cards, biometric payments, BNPL (Buy Now Pay Later), and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-275320","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n