Fin-tech in Pakistan – 2025 – A Futuristic Perspective

Fin-tech in Pakistan – 2025 – A Futuristic Perspective
November 29, 2018 K Compare

Fin-tech in Pakistan – 2025 – A Futuristic Perspective

Fin-tech is the newest wave of advancement in the financial sector of the world all over. Fin-tech, short for Financial Technology, is quite a self-explanatory term; it is used to describe new technology and related technological services which look to improve financial services. Fin-tech is typically used to help companies and businesses improve their financial processes by utilizing dedicated software and systems. Globally, Fin-tech companies have been experiencing rapid growth over the past few years. Although the concept has been around since the 1950s, global recognition of Fin-tech has gained traction only quite recently. Largely based on this idea, fin-tech companies are divided into two categories:


  • The traditional fin-tech setup is the one used by the pioneers of the industry; ATMs and POS machines are examples of financial technology provided by these companies. These companies offer traditional pricing models for their services to financial institutions.


  • Emergent fin-tech companies are the ones taking over the fin-tech scenario today. They are the ones coming up with new engagement and partnership models with financial institutions to the extent that their products or services can sometimes displace financial institutions entirely and work to provide financial solutions independently.

The Future of Fin-Tech In Pakistan:

Fin-tech in Pakistan is still in its infancy. Due to many factors, including lack of awareness, societal misconceptions about a cashless economy, lack of regulatory support and infrastructure, etc. People are traditionally distrustful about online financial services, which is why it takes extra effort and measures to make fin-tech work in Pakistan. However, with a little bit of awareness and education, fin-tech is taking off slowly but surely. Currently, Pakistan has many fin-tech startups in operational mode, with even more in various stages of raising finances to launch.,pk is one such example of an online fin-tech website which helps users see, compare and choose between different personal finance offerings by institutions. Other examples include virtual wallets, online payment solutions, branch-less banking solutions, etc.

Currently, there are a number of companies working in the fin-tech sector with varying categories of offers. Some of the companies and their offerings are:

Category Fin-tech services Companies
Banking Digital banking

Payment gateways

Branchless banking

Bank Alfalah

Askari Bank




Meezan Bank

Autosoft Dynamics

Mobile Wallets Payment solutions

Cashless transactions





Careem Wallet

Digital Lending Loan marketplaces TezFin


Mobile financial services Virtual debit/credit cards




UBL Omni


Payment Gateways Facilitating online transactions Monet


Telenor Microfinance Bank

HBL Konnect

The opportunities for fin-tech in Pakistan are endless. With more than a third of the Pakistani population in their youth, the potential for open-minded reception and adoption of new technology is hopeful. There are more than 30 million active internet users in the country, and with almost 3/4 of the country considered to be urban/urbanizing, the reach for fin-tech companies is quite easy. The usage of mobile phones in Pakistan is also on the rise, with smartphone usage expected to rise to more than 50% in the coming years and general mobile phone usage standing at almost 70%; the opportunities for both smart fin-tech services, such as virtual wallets and mobile banking, and those integrated with regular SMS (text messaging) systems, such as Telenor’s EasyPaisa and Mobilink’s JazzCash, are endless.

On the traditional fin-tech side, the population ratio of ATMs per person in the country is still low as compared to other countries in the region. That is improving, however, with the advancement of ATMs themselves with more services and less reliance on manual work. Point of Sale (POS) machines still have a long way to go though, because they are still very underutilized in Pakistan. Increasing reliance on cash-less transaction by customers has paved the way for retailers and other merchants to install more POS systems, but there is a long road to go before the benefits are fully being reaped.

Going forward, fin-tech companies need to focus on the many opportunities they can take advantage of. There are many gaps in the fin-tech services which are in the market currently; in order to capitalize on them, companies need to correctly identify these gaps and make timely strategies to fill them. The ever increasing incline of internet and smartphone usage combined with urbanization is creating a market with immense potential for ready adoption of fin-tech services. Youth is an obvious choice for directing marketing strategies towards, as it will require minimum effort with maximum return. The older demographic is also a good audience particularly for payment solutions which can be operated through regular mobile phone, such as EasyPaisa and JazzCash’s service. Since the Pakistani economy is historically cash-based, people are either skeptical of fin-tech’s promise of cashless systems, or they are still unaware of its benefits. However, with increasing awareness and education, not to mention usage of internet and smart devices, the future of fin-tech looks bright in Pakistan.

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