Digital Payments could bring $1.5 billion in savings to Karachi

Businesses, individuals and government can save up to 1.5 billion dollar from Karachi if consumers adopt digital payment systems.

During a press briefing held in Karachi, Senior Director, School of Public Policy for Central and Eastern Europe, Middle East and Africa Majeed Hujair, said that around 10pc of Karachi’s total population has adopted digital payment systems whereas the rest of 90pc population is still using traditional modes.

Describing the benefits of digital payments, he said businesses and governments have to pay the cost of cash management; benefits of going digital could save around 12 trillion dollar for countries, if the 100 cities decide to go cashless.

He said no city in the world is currently 100pc cashless but Stockholm is well on its way to become the first city in the world to go cashless within a few years.