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women empowerment through digital payment

women empowerment through digital payment women empowerment through digital payment

BY: Sindhia Ayaz

According to Pakistan’s censusK report, women in Pakistan represent approximately 48.76 percent of
the total population. only 7 percent of women have bank accounts. and cash is the major mode of
making payments, technology presents excellent and efficient alternatives for the provision of financial
services and financial inclusion. The development of women and their financial freedom and liberty is
very important if we can compete with a fast-changing and developing world. In the modern world,
women’s role is vital in world GDP .the best way to empower women is to give them financial freedom
and liberty. Most Pakistanis do not have access to payment systems that would allow them to perform
such transactions efficiently and at a low cost. in this age of technology where everything is done with
the click of a button. cashless and e-banking systems can be the best source to utilize to achieve this
goal. there is ample global evidence that going cashless improves the size of the formal economy.d
This is why a lot of hope Raast might well make a difference. pakistan’s first digital instant payment
system. A great step forward digital Pakistan.Raast instant payment system will allow payment from and
to any channel. with the full implementation of Raast, millions of customers will experience the benefits of
instant payment. marchants will be able to accept fast payment remotely and can instantly access funds
in their transaction accounts, just as they would with cash. This will be helpful to micro and small
business owners especially run by women, who can then pay suppliers on time and fulfill other urgent
payment obligations. The flow of funds from the government to individuals such as salaries, pension, and
safety payments of the Ehsaas program can also work quickly. this is will be useful for women in this
country. they face many difficulties during transactions and it’s not easy for women especially in our
society.Raast, a digital platform will make this a relatively straightforward opportunity to boost women’s
financial inclusion.For women in rural areas, financial inclusion can build resilience, provide a safety net,
and make daily financial transactions more convenient. for instances, sacrificing a day to visit a BISP
center or to pay utility bills become very difficult for them. social benefits of payment system show how
the use of digital technologies not only increases financial access for women, also gives them a voice at
home and in the political landscape.NO doubt,raast will enable speedy delivery of different types of
transactions and will allow new entry of new international and local financial services providers into the
Pakistani market. The government and state bank of Pakistan must launch such policies that encourage
and give them a chance to get financial freedom and liberty by giving them special loans for startups and
small size businesses.

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