For decades, conventional or branch-oriented banking has dominated the retail banking industry in Pakistan. However, the birth of the internet and mobile technologies are gradually transforming financial service delivery models and reducing the use of branch-oriented banking by consumers. Increasing consumer choice for more convenient and innovative banking channels convinced the banking executives to start developing, deploying and integrating innovative distribution channels and creating a new but diligently regulated payment environment. According to the Payment Systems Statistics prepared and published by the State Bank of Pakistan, as of 30 September 2017, out of 178 million electronic banking transactions consumers conducted in…
