In this era of digitalization, every business whether it is a large business or small wants to make its presence in the digital business world to accelerate its growth. Digitalization brings a rapid transformation for all kind of businesses. This is also a great opportunity for entrepreneurs because it helps to reduce many cost. It does not just help the entrepreneurs to cut the cost but it also supports new businesses to reach every corner of the world. No matter they are near to their customers or not because the internet removed all kinds of trade barriers and as we are standing in Web 2.0.
So businesses and consumers connect with each other without any trouble and businesses can easily understand the demand of customers and can provide the product or service as per the need of the customers, which ultimately increase the trust level of customers and market share as well. Beside all these charms of digitalization, it increased the difficulty levels in various fields of the business, mainly digitalization is affecting the competitiveness of the business world which is increasing by every day.
Technology (Fin-tech) is a big chunk in today’s business world. It gives the e-payments opportunities for entrepreneurs especially for women who are living in developing countries because those women face a lot of family and cultural issues thus, through e-payments every one can smoothly perform their work and can contribute in the country’s economy. E-payments have a lot of benefits for entrepreneurs they can improve their profit margin, improve their efficiency, increase the number of customers, easily move on internationally and so on.
Many e-payments apps are introduced in Pakistan but most of the Pakistani people are reliance on cash, not properly adopt digital payment system due to lack of security/privacy issues, financial cost, lack of hedonic motivation, lack of education and economic issues. Another way young generation of Pakistan vastly use digital payment because mostly Youngers are a risk-taker and enjoy adventures that are a good sign for Pakistan it can lead in digital finance, according to World Bank in the future Pakistan can reach the $36 billion in digital finance and increase 7% GDP and develop 4 million self-jobs.
To improve the economic condition of the Islamic Republic of Pakistan and other developing countries women entrepreneurs can use smart payment methods for money transfer and make transactions globally. There is also an online banking option available for transactions. Mostly banks and remittances organizations introduce their money transfer applications but there is a chance that many banks are not entertained to transfer money to underdeveloped countries like Pakistan because of the global issues, which that countries are facing. To cope up with the issues of smart payments Pakistan is now collaborating with Paypal.com, it is a money transfer company.
However, In this framework, Paypal.com is a finest, safe and secure method for e-payments to anywhere. Women of Pakistan can use these modern and smart method to run their businesses from their home without tangling of conventional organizational culture and can work independently as she likes to grow the economy of Pakistan and contribute in the wealth of Pakistan along with Man.
Submitted by Kiran Ismail, Date 06 January 2021