Federal Science and Technology Minister Fawad Chaudhry said on Tuesday that the government is planning to implement a mobile payment system that would put an end to the computerized national identity cards (CNICs) while shopping.
On signing ceremony for technical collaboration with Alsons Group and Tatsuno Corporation, Fawad Added that, “Your Mobile phone will act as your identity card in the future”.
Mobile payments (which include mobile wallets and transfers of digital cash) are controlled transactions that take place through your mobile device. In other words, instead of paying for cash or physical credit cards, mobile payment technology allows you to do so electronically.
Mobile payments can be used in a “peer to peer” or in a brick-and-mortar business for payment. You can make an e-transfer through your bank to, say, pay a friend back for dinner or someone on Craigslist for a piece of furniture in a peer-to-peer mobile payment. In a mobile payment in a brick-and-mortar store, you use an app on your mobile device, rather than cash or a card to pay for the specific goods and services at the counter.
Science is not yet taken seriously in Pakistan, and it takes effort to explain to people science-based concepts. Fawad also said that technology use can decide the success of any company in this era, but we still have to understand this in Pakistan. He also announced that a state-of – the-art BioScience Park will be established in Jehlum.
The minister welcomed evolving Japanese oil and gas technology and recalled, “We just learned about Japanese technology when we grew up everywhere in the world.” Philips is a great name and his contribution to Pakistan’s development and manufacturing of lights is in the country’s interest, he added.
Though technology in Pakistan has exposed and emerged rapidly and we have witnessed several projects from CPEC to Mobile Payments.