Well, yes, it is!
Though some experts argue that IBFT is not a “fast payment” method because the service uses advice messages to credit the receiving accounts. Others point out that banks don’t exchange funds in real-time and refer to the deferred or net-settlement method of 1Link.
Before answering these arguments, let’s have a closer look at the “fast payments.”
Continue reading IBFT: The “Fast Payment” of Pakistan
Earlier this year, the Karandaz Ideation Workshop was jointly organized by Karandaz Pakistan, INNOVentures Global and Finclude at Marriott hotel, Islamabad.
I delivered two training sessions at the workshop. The topics included payment technologies, covering digital payment system & DFS infrastructure of Pakistan, and current market scenario, covering commercial banks, MFS providers, fintechs, PSO/PSP and NBIs operating in Pakistan.
Explaining digital payment technologies and DFS infrastructure of Pakistan
Discussing current digital financial services’ market scenario in Pakistan
Around 30 participants from key DFS industry players attended this two day workshop.
A person living in a cash-dependent economy will use Bitcoins, if ever, just for the love of it, because there’s not enough motivation for spending in Bitcoins. I can understand the reaction of the Urdubit team and many Bitcoin enthusiasts; yet, I believe it is of no use for an ordinary person.
Continue reading Bitcoins: Just for the love of it!
Last week, I attended the 9th Mobile Commerce Conference at Movenpick Hotel in Karachi. The participants from all over the country, in this annual event, provided an excellent networking opportunity. Besides, the event developed an improved understanding of the issues the industry is trying to address.
The efforts of the branchless banking industry are commendable, as they’ve done an outstanding job in developing and shaping up the mobile financial services in Pakistan. However, I noticed a rather disheartening point during the event.
Continue reading Can In-Store Merchant Payments Become a Game Changer for Mobile Financial Services in Pakistan?
Back in the 1980s, Jack Welch applied ‘Bell Curve’ as a way to force rank the employees at General Electric for their performance measurement and appraisal. The method soon became very famous and widely adopted by all sorts of organizations since then.
Before I continue, I would like to retell an old fable that most of us have enjoyed in our school days.
Continue reading The Bell Curve, Forced Ranking and Collaboration
A couple of days back, I read an interesting article “Big Data Doesn’t Exist” from TechCrunch.
In this article, Slater Victoroff argued that most of the companies do not have any real “big data.” And even if they do, it’s not of much use to them either because of lack of quality of the data they have or inadequate processing capacities to make sense out of it.
Continue reading Yes, I Can Live With Small Data!
Recently, I renewed my membership with a professional body using my credit card. My credit card statement was shocking. The bank charged me around 7.4% over-and-above the forex rates for that same day. Knowing Visa charges 1% interchange service assessment fee for cross-border transactions; my bank had made around 6.4% of this payment. It’s their business to charge for the services they’re offering, but this was too much – anything above 3% is big! There was nothing, I could do – chargeback was not an option.
Continue reading No Kidding! Why No DCC?