IBFT: The “Fast Payment” of Pakistan

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.”

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Karandaz Ideation Workshop

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.

Can In-Store Merchant Payments Become a Game Changer for Mobile Financial Services in Pakistan?

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.

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The Bell Curve, Forced Ranking and Collaboration

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.

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Yes, I Can Live With Small Data!

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.

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No Kidding! Why No DCC?

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.

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PMI ACP-certified Product Manager developing innovative payment solutions that empower millions of consumers in South Asia and the MENA regions